The Capital One $425 Million Settlement Just Got Final Approval. Here's Exactly How Much You'll Get.

In 2013, Capital One launched the 360 Savings account as its flagship high-yield savings product. Then in September 2019, it quietly introduced a nearly identical account called 360 Performance Savings - and offered a dramatically higher interest rate on the new product without telling existing 360 Savings customers it existed.

The gap between the two accounts grew as the Federal Reserve raised interest rates aggressively beginning in 2022. By mid-2024, the rate difference had reached its peak:

Capital One kept existing customers in the dark. About three-quarters of legacy 360 Savings account holders never switched, according to court filings - not because they didn't want a better rate, but because they didn't know a better rate was available on an essentially identical product.

The CFPB estimated customers collectively lost over $2 billion in potential interest (Capital One disputes that figure). Based on that benchmark, the $425 million settlement covers roughly 17-18 cents on the dollar - the gap between what you earned and what you could have earned, at a pro-rata share of the settlement fund.

You qualify if you held a Capital One 360 Savings account (not 360 Performance Savings) at any point between September 18, 2019 and June 16, 2025.

This includes:

You do not qualify if you only ever held the 360 Performance Savings account, a 360 Checking account, or other Capital One products. This settlement is specifically for the legacy 360 Savings product.

If you're unsure whether you held a 360 Savings account, check your Capital One account history or log into capitalone360savingsaccountlitigation.com with the last four digits of your eligible account.

This is not a flat payment. Your individual check depends on three factors:

1. Your average daily balance during the class period (September 18, 2019 through June 16, 2025)

2. The rate differential between what your account earned (0.30% for much of the period) and what the 360 Performance Savings account was earning at the same time

3. Your proportional share of the net settlement fund - the total of all eligible customers' claims divided into the available cash pool

Here's what that looks like in practice. The formula Capital One uses is:

Your Individual Recognized Claim = the additional interest you would have earned if your 360 Savings account had received the 360 Performance Savings rate at all times during the class period

Your actual payment is then your claim as a proportion of all claims combined, applied to the net settlement fund.

The settlement fund for cash payments is $425 million, minus attorneys' fees (up to 15%, or ~$64 million) and administrative costs - leaving roughly $355 million to be distributed to class members.

The CFPB estimated total losses at over $2 billion (Capital One disputes that figure). Using it as the best available benchmark, the settlement pays out at approximately 17-18 cents per dollar of lost interest. Using that ratio as a guide:

Note on methodology: The 2-year "peak gap" rows use the 4.05% rate differential that existed during 2022-2024 (0.30% vs. 4.35%). The 6-year "full class period" rows use an estimated average annual rate differential of approximately 2.3% across the entire class period - reflecting a low gap in 2019-2021 when both accounts paid near-zero rates, and a much larger gap from 2022 onward. Your actual payment will be calculated precisely by Capital One using your account records. These estimates are illustrative only.

The key takeaway: the bigger your balance and the longer you held the account, the larger your check. Most people with modest balances held for a couple of years will receive checks in the $15-$100 range. Customers who kept large balances in a 360 Savings for the full six-year period could receive several hundred to over a thousand dollars.

For most people: nothing. Capital One has your account records and will calculate and send your payment automatically.

However, there are a few things worth checking:

1. Update your mailing address if you've moved. The electronic payment deadline passed on March 30, 2026. If you didn't sign up for electronic payment, your check will be mailed to the address Capital One has on file. If you've moved since closing your account, visit capitalone360savingsaccountlitigation.com to update your address.

2. Check for the $5 minimum. If your calculated payment is under $5, you will not automatically receive a payment. Customers below this threshold who signed up for electronic payment before March 30 can still receive their share electronically. If you didn't, amounts under $5 will likely not be distributed.

3. Watch for your 1099-INT. Settlement payments for lost interest are taxable income. If your total interest income from Capital One - including the settlement payment - exceeds $10 for the year, you'll receive a 1099-INT form. Factor this into your tax planning.

4. Don't fall for scams. The settlement administrator will never ask for your full Social Security number. All official communication goes through capitalone360savingsaccountlitigation.com or 1-888-832-2704. If anyone contacts you asking for personal information through any other channel, it is not the settlement administrator.

This is a different settlement entirely. The 2019 Capital One data breach exposed the personal information of approximately 98 million Americans. A separate $190 million settlement resolved that case, but the claims window closed on September 30, 2022. If you missed the data breach claims deadline, you can no longer file for a cash payment - but you can still access free identity protection services through 2028 under that settlement.

The $425 million savings account settlement is unrelated to the data breach.

Capital One is not the only bank that quietly offers better rates to new customers than to existing ones. This is a common practice in banking - attracting customers with competitive rates and then gradually letting those rates decay while launching new products with better yields.

As the Federal Reserve kept its benchmark rate near zero through early 2022, then raised it aggressively to a peak of 5.25-5.50% by July 2023, top high-yield savings accounts followed suit, climbing to 4-5% APY. Many banks passed those increases along to customers in new accounts while legacy account holders received little or nothing - exactly what Capital One is now paying $425 million to settle.

What to do: Check your current savings account rate right now. Then compare it to what competitive high-yield savings accounts are offering. The FDIC national average for all savings accounts is just 0.38-0.39% as of April 2026 - but the top high-yield savings accounts at online banks are currently paying 4.00-4.21% APY, according to Bankrate and NerdWallet data updated this week. If you're earning materially less than that at your current bank, consider whether switching makes sense.

If you had $10,000 in a 360 Savings earning 0.30% for three years (2022-2025) instead of the 4.35% available on 360 Performance Savings, here's what you missed in compounding returns:

Over three years, $10,000 in the wrong account cost you $1,273 in compounded returns. Using the settlement's simple-interest formula, the lost interest over that period comes to approximately $1,215 - and Capital One's settlement would pay back roughly $207-219 of that, or about 17-18 cents on the dollar. A fraction of what was actually lost. Use HelpCalculate's Compound Interest Calculator to run what your own balance would have grown to in a competitive account.

Most people will receive a check without doing anything. But if you need to update your mailing address, is it worth the five minutes?

Payouts vary enormously by balance and tenure, but for customers with a modest balance held for a year or two, checks in the $15-$50 range are plausible based on the estimates above. Even at $20, five minutes of work to update your mailing address works out to $240 per hour. Use HelpCalculate's Salary to Hourly Calculator to see what your own time is worth - and whether that trip to the settlement website is the highest-value five minutes of your day.