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Key Takeaways
- Customers who had a Capital One 360 Savings account between 2019 and 2025 are eligible for a payout covering lost interest.
- You don’t need to still have the account—but if you do, closing it by Oct. 2 could mean a significantly larger settlement check.
- Keeping the account past the deadline will still earn you compensation, but the payout will be smaller—and you’ll lose out on higher APYs elsewhere.
- Your settlement amount depends on how much money you held in the account and for how long.
- To maximize your payout, act before Oct. 2—and consider moving funds into a top high-yield savings account.
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Capital One Accused of Misleading Its 360 Savings Customers
Capital One once promoted its “360 Savings” account as offering a “great rate,” paying 1.00% APY in 2013—a competitive return at the time, when the Federal Reserve had rates pinned near zero and the national average savings account earned just 0.07%.
But according to a class-action lawsuit, Capital One quietly launched a nearly identical “360 Performance Savings” account in September 2019 that paid 1.90% APY—without informing existing 360 Savings customers.
The lawsuit claims that Capital One stopped opening new 360 Savings accounts but allowed current ones to continue, without notifying those customers about the higher-paying option. It also alleges that because all references to 360 Savings Account were removed from the bank’s website, customers had no easy way of realizing they were earning much less.
The gap in earnings allegedly widened over time. The 360 Performance Savings rate climbed to 4.35% as the Fed raised interest rates, while the original 360 Savings rate fell to 0.30% in late 2020 and stayed there.
The CFPB’s Role—and Retreat
The Consumer Financial Protection Bureau initially sued Capital One in January 2025, calling its 360 Savings actions deceptive and abusive. But it dropped the case soon after President Donald Trump took office.
The $425 Million Settlement That Followed—And What It Could Mean for You
The dramatic interest rate gap between the two accounts set the stage for a massive class-action lawsuit. In February 2024, customers filed a case in federal court alleging that Capital One had misled account holders by freezing the 360 Savings rate at a low APY while quietly offering new customers much higher yields. The suit argued that millions of people were deprived of billions in interest they should have earned.
The lawsuit moved quickly, and by May 2025, Capital One agreed to a $425 million settlement without admitting wrongdoing. A federal judge gave the agreement preliminary approval in July, with a final hearing scheduled for Nov. 6, 2025. Though not guaranteed, the deal is widely expected to be approved—which would allow for customer payments to begin about 60 days later.
Who’s Eligible for a Settlement—and Why Closing by Oct. 2 Means a Bigger Payout
If you had a 360 Savings account between Sept. 18, 2019, and June 16, 2025, you’re eligible for a payout, even if the account is now closed.
But if you still have the account, closing it by Oct. 2 could boost your payout by about 15%, according to the settlement terms. That’s because most of the $425 million settlement—$300 million—is earmarked for one-time cash payouts to customers who close their accounts by that date.
The remaining $125 million is set aside for those who keep their account open (or close it after the Oct. 2 deadline), to be distributed as smaller lump-sum payments plus a boosted future interest rate on their 360 Savings balance.
Closing the underperforming 360 Savings account before the deadline is clearly the smarter money move, since it means a larger payout now. And the so-called interest rate boost that continuing account holders would receive is still paltry—making it a no-brainer to move your savings somewhere it can actually earn a competitive return.
Important
You can also choose to opt out of the settlement and pursue your own lawsuit against Capital One. To do so, you must send a written letter by regular mail, postmarked no later than Oct. 2, 2025. If you opt out, you will not receive any payout from this settlement.
How Much You Could Receive If You Close (or Keep) Your Account
Your payout will be based on the average balance you held in your 360 Savings account and the duration you held that average balance. We’ve done the math to estimate payouts for those account owners who close their 360 Savings account no later than Oct. 2. As you can see, payouts could range from under $100 to the thousands—even five figures for those who kept a high balance there for an extended period.
| Estimated Settlementst for Various Balances & Durations For Accounts Closed by Oct. 2 | |||||||
|---|---|---|---|---|---|---|---|
| Time on Deposit | $1,000 average balance | $2,500 average balance | $5,000 average balance | $10,000 average balance | $25,000 average balance | $50,000 average balance | $100,000 average balance |
| 3 months | $11 | $26 | $53 | $106 | $265 | $529 | $1,058 |
| 6 months | $21 | $53 | $106 | $213 | $532 | $1,064 | $2,127 |
| 1 year | $43 | $107 | $215 | $430 | $1,075 | $2,150 | $4,300 |
| 1.5 years | $65 | $163 | $326 | $652 | $1,630 | $3,259 | $6,519 |
| 2 years | $88 | $220 | $439 | $878 | $2,196 | $4,392 | $8,785 |
| 3 years | $135 | $337 | $673 | $1,346 | $3,366 | $6,731 | $13,463 |
| 4 years | $183 | $459 | $917 | $1,834 | $4,585 | $9,171 | $18,342 |
| 5 years | $234 | $586 | $1,172 | $2,343 | $5,858 | $11,715 | $23,430 |
| Since 9/18/19 | $315 | $787 | $1,574 | $3,148 | $7,869 | $15,738 | $31,476 |
What if you keep your account open? Your lump-sum payment will be reduced to just 87% of the estimates above. Put another way, for every $1,000 you’d receive by closing your account before Oct. 2, you’d get only about $870 if you keep it open.
It’s true that you would also qualify for a slightly higher interest rate going forward. But the settlement sets that rate at only twice the national average, currently 0.39%. That means Capital One’s “boosted” APY would be just 0.78%—a fraction of the 4%–5% yields available from today’s top high-yield savings accounts. In other words, there’s no good reason to leave your money parked in the old 360 Savings account.
What to Do Now to Get Your Payout
A piece of good news for 360 Savings account holders is that you don’t have to do anything to be included in the settlement. Eligibility is automatic, based on Capital One’s account records—no claim form required.
But you do need to act if you want the bigger payout. Simply closing your account by Oct. 2 will qualify you for a check that’s about 15% larger.
You also have the option to request faster electronic payment once settlement distributions begin. Otherwise, your money will arrive by paper check in the mail. To request electronic payment, log in at CapitalOne360SavingsAccountLitigation.com by Oct. 2. If you have your mailed notice, use the unique ID and PIN printed there. If not, the site includes a lookup tool to retrieve your credentials so you can verify your account and select electronic delivery.
Daily Rankings of the Best CDs and Savings Accounts
We update these rankings every business day to give you the best deposit rates available:
Important
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
How We Find the Best Savings and CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
