Capital One reaches $425 million settlement. Who’s eligible for a payout in CA?
Do you bank with Capital One?
Account holders across California could be eligible for payouts after the international banking company reached a $425 million settlement in a class action lawsuit.
Here’s how to tell if you’re eligible to receive money:
What is class action lawsuit against Capital One?
Dozens of plaintiffs filed the class action lawsuit against Capital One in 2024, alleging that failed to raise interest rates on older 360 Savings accounts in line with rates offered on newer 360 Performative Savings accounts.
The 360 Performative Savings accounts were created in 2019 as high-yield savings accounts with higher interest rates.
Plaintiffs also alleged that the company failed to inform its 360 Savings customers about the higher interest option.
At one point, the annual percentage yield on 360 Performance Savings accounts was 4.3%, while the yield on 360 Savings accounts was 0.3%.
“Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice,” New York Attorney General Letitia James said in a 2025 announcing the lawsuit against Capital One.
Capital One denied all allegations of wrongdoing, but promised to pay $425 million of interest to 360 Savings depositors.
In November, a federal judge rejected Capital One’s initial settlement with depositors, saying the payout was too small.
Judge David Novak of the Eastern District of Virginia issued final approval of the renegotiated settlement, which provides “expected relief of over $1.2 billion,” on April 22.
Am I eligible for a payout?
Anyone who held a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, is eligible for payouts, according to the settlement website.
Will I get a check? How much can I get?
Payments will be “based on factors such as account balance and how long the account was open,” according to Consumer Affairs.
The payout will only be issued to the primary account holder listed on the Capital One account.
Consumer Affairs recommended taking these steps:
- Check your eligibility by confirming you held a 360 Savings account during the covered period.
- Make sure your contact information is current.
- Watch for official communications.
- Be aware of deadlines that have already passed.
Payouts will be in the form of checks or electronic payments.
However, the deadline to choose which form of payment you’d prefer was March 30.
Do I need to file a settlement claim?
If you were a Capitol One 360 Savings account holder during the appropriate time period, you don’t have to file a claim.
Payments will be issued automatically using Capital One’s records.
People working with Capital One and their family members are excluded from the settlement.
