$425M Capital One 360 Savings Settlement Final Approved, What Happens Now That the Judge Said Yes When Will You Get Paid

The Capital One 360 Savings Account Settlement is a $425,000,000 class action settlement where current and former holders of a Capital One 360 Savings account between September 18, 2019 and June 16, 2025 are eligible to receive an automatic cash payment — no claim form required. A federal judge finalized the $425 million settlement on April 20, 2026, allowing affected Capital One 360 Savings customers to begin receiving payouts from the bank in the coming months. This settlement resolves years of litigation that accused Capital One of running a “bait-and-switch” scheme that quietly left millions of loyal savers earning a fraction of what they could have earned on an almost-identical account.

Quick Facts: In re Capital One 360 Savings Account Interest Rate Litigation, No. 1:24-md-03111-DJN (E.D. Va.)

Field	Detail
Settlement Amount	$425,000,000
Claim Deadline	No claim form required — payments are automatic based on Capital One’s records
Electronic Payment Deadline	March 30, 2026 — PASSED. Those who missed it will receive a paper check by mail
Who Qualifies	Anyone who maintained a Capital One 360 Savings account at any time between September 18, 2019 and June 16, 2025
Payout Per Person	Pro-rata; based on account balance and how long you held the 360 Savings account
Proof Required	No — Capital One uses its own records to calculate and distribute payments
Settlement Status	Finally Approved — April 20, 2026
Court	U.S. District Court, Eastern District of Virginia
Presiding Judge	Judge David J. Novak
Administrator	Kroll Settlement Administration
Official Website	CapitalOne360SavingsAccountLitigation.com
Administrator Phone	1-888-832-2704
Last Updated	April 23, 2026

Current Status & What Happens Next

• Final approval was granted on April 20, 2026. Depositors should start receiving payouts in the coming months. The checks will be bigger than first expected.
• Payments will be automatic. If you held a qualifying 360 Savings account, Capital One and Kroll Settlement Administration will calculate your payment using internal records — no action is required from you at this stage.
• Multiple state attorneys general — including New York AG Letitia James, who brought her own separate lawsuit — agreed to drop their state lawsuits as part of the final settlement. That means all related litigation is now resolved under this single $425 million fund.

What Is the Capital One 360 Savings Lawsuit About? In re Capital One 360 Savings Account Interest Rate Litigation, No. 1:24-md-03111-DJN

Capital One marketed its 360 Savings accounts as “high interest” accounts with “one of the nation’s best savings rates” that would earn customers more than an average savings account. However, while interest rates rose nationwide beginning in 2022, Capital One kept the interest rates for its 360 Savings accounts artificially low.

On September 18, 2019, Capital One began offering a separate savings account called 360 Performance Savings and stopped offering new 360 Savings accounts to customers — though it continued to service existing 360 Savings accounts. The two products were nearly identical in structure, but their interest rates diverged dramatically. Capital One created 360 Performance Savings, which provided much higher interest rates than 360 Savings — at one point, more than 14 times higher.

The lawsuit — consolidated as multidistrict litigation in the U.S. District Court for the Eastern District of Virginia — alleged that Capital One violated its duty to existing customers by quietly creating a better product while leaving millions of legacy account holders earning near-zero interest, and by failing to clearly notify customers they could switch. The specific legal theories include breach of contract, unjust enrichment, and violations of state consumer protection statutes.

This case went through a significant detour: in November 2025, Judge Novak blasted an earlier agreement as “neither reasonable nor adequate,” saying the deal would likely only compensate account holders for less than 10% of the potential interest they lost. Capital One went back to the negotiating table and returned with the current $425 million deal — more than double the original amount — which Judge Novak finally approved on April 20, 2026. For related financial institution settlements, see our article on Wells Fargo Class Action Settlement Updates on AllAboutLawyer.com.

Who Is Eligible for the Capital One Settlement?

• You may qualify if you held a Capital One 360 Savings account (the legacy product — not 360 Performance Savings) at any time between September 18, 2019 and June 16, 2025.
• You may qualify if you are a former account holder who closed your 360 Savings account before June 16, 2025 — former account holders are included in the class.
• You may qualify if you are a joint or co-holder of a qualifying 360 Savings account — the settlement covers joint and co-holders, but only the primary account holder will receive any available settlement payment for each account.
• You may qualify regardless of which U.S. state you live in — this is a nationwide class action covering all Capital One 360 Savings account holders across all 50 states.
• You do not qualify if you held only a 360 Performance Savings account and never held the legacy 360 Savings account — the lawsuit targets the specific legacy product that was left earning low rates.
• You do not qualify if you already opted out of the settlement by the March 30, 2026 deadline — opt-outs are permanently excluded from receiving payment.

How Much Can You Receive from the Capital One Settlement?

Your individual payout is pro-rata and depends on two factors: how long you held your 360 Savings account during the class period, and how much money you kept in the account.

The $425 million Capital One settlement money is split into two buckets. Capital One will pay $300 million to affected customers to make up for interest payments they missed out on. The payouts will be proportionate to how much potential interest you would have earned. From there, the amount you receive will also depend on how many claimants the $300 million must be divided among — so if you kept a large balance in your 360 Savings account and maintained it for years, you’ll receive more than someone who didn’t keep much in the account or only had it open for a short time.

The remaining $125 million funds the interest rate match benefit: current 360 Savings account holders will receive the same interest rate paid to 360 Performance Savings account holders for at least two years after the settlement becomes effective. If you still hold a 360 Savings account today, this means your account will automatically earn the same higher rate as Performance Savings without you having to do anything.

If your calculated payment is less than $5, you will only receive it if you selected electronic payment by the March 30 deadline.

How to Get Your Capital One Settlement Payment

No claim form is required. Payments are fully automatic. Here is exactly what eligible class members should do right now:

Step 1 — Confirm you held a Capital One 360 Savings account at any point between September 18, 2019 and June 16, 2025. Log into your Capital One account or check your records to verify.

Step 2 — Check whether you chose electronic payment before the March 30, 2026 deadline. If you selected an electronic payment for the previously proposed settlement in this matter, you do not need to select one again — your selection carries over to the new settlement.

Step 3 — If you missed the March 30 electronic payment deadline, a paper check will be mailed to your last known address on file with Capital One. Make sure your mailing address is current by logging into your Capital One account or calling 1-888-832-2704.

Step 4 — Watch for your payment in the coming months. If approved and no appeals delay distribution, checks and electronic transfers are expected to begin in the summer of 2026.

Step 5 — If you are a current 360 Savings account holder, watch for your interest rate to automatically increase to match the 360 Performance Savings rate within a short period of final approval becoming effective.

Step 6 — Save your payment confirmation and consult a tax professional — settlement payments representing missed interest income are likely taxable and you may receive a 1099-INT form from Capital One.

Estimated time to complete: No action required for most class members — payments are fully automatic.

Important Deadlines & Dates

Milestone	Date
Capital One Launches 360 Performance Savings (Higher-Rate Account)	September 18, 2019
Class Period Begins	September 18, 2019
Class Period Ends	June 16, 2025
Original Settlement Rejected by Judge Novak	November 6, 2025
Revised $425M Settlement — Preliminary Approval Granted	January 12, 2026
New Settlement Notices Mailed to Class Members	February 13, 2026
Electronic Payment Selection / Opt-Out / Objection Deadline	March 30, 2026 — PASSED
Final Approval Hearing	April 20, 2026
Final Approval GRANTED	April 20, 2026
Appeal Period	TBD — standard federal court 30-day window from April 20, 2026
Expected Payment Distribution	Summer 2026 — pending any appeals
Interest Rate Match Benefit Begins (Current Account Holders)	Shortly after settlement becomes effective

Frequently Asked Questions

Do I need to file a claim form to receive my Capital One settlement payment?

 No. Settlement class members do not need to file a claim to receive a cash payment. If you do nothing, a check will be mailed to your last known address as long as your payment is $5 or more. Capital One and Kroll Settlement Administration use internal account records to identify eligible customers and calculate payments automatically.

Is the Capital One settlement legitimate?

 Yes. A federal judge finalized the $425 million settlement on April 20, 2026, in the U.S. District Court for the Eastern District of Virginia, Case No. 1:24-md-03111-DJN, presided over by Judge David J. Novak. The official settlement website is CapitalOne360SavingsAccountLitigation.com. The administrator is Kroll Settlement Administration — reachable at 1-888-832-2704.

When will I receive my settlement payment?

 Depositors should start receiving payouts in the coming months following the April 20, 2026 final approval. If no appeals are filed during the 30-day appeal window, payments are expected to begin in the summer of 2026. Appeals could delay distribution — monitor CapitalOne360SavingsAccountLitigation.com for the most current distribution timeline.

What if I missed the March 30, 2026 deadline to choose electronic payment? 

You will still receive your settlement payment — it will simply arrive as a paper check mailed to your last known address on file with Capital One. If your address has changed, update it immediately by calling 1-888-832-2704 or logging into your Capital One account. If your payment is less than $5, it will only be issued if you selected electronic payment by the deadline.

Will my Capital One settlement payment affect my taxes?

 Interest payments are typically considered taxable income. You will likely receive a 1099-INT form if your settlement payment and other interest from Capital One exceed $10 for the year. Consult a tax professional about your specific situation once you receive your payment amount.

Why was the original Capital One settlement rejected?

 Judge Novak blasted the initial agreement as “neither reasonable nor adequate,” saying it would likely only compensate account holders for less than 10% of the potential interest they lost. He accused Capital One of continuing to deceive depositors. The judge directed the parties back to negotiations, producing the current revised $425 million deal — more than double the original settlement value — which he approved in April 2026.

I still have a 360 Savings account. What extra benefit do I get? 

In addition to the cash payment, Capital One will raise the interest rate on its 360 Savings account to match the yield on its 360 Performance account. This rate match applies for at least two years after the settlement becomes effective and happens automatically — you do not need to switch accounts or take any action.

What if I never received a notice about this settlement? 

The settlement administrator sent new notices to class members on February 13, 2026. Check your email inbox, spam folder, and any mailed notices from Capital One or Kroll Settlement Administration. If you believe you qualify and have not received notice, contact the administrator at 1-888-832-2704 or visit CapitalOne360SavingsAccountLitigation.com with your account information to verify your status.

Sources & References

• Official Settlement Website: https://www.CapitalOne360SavingsAccountLitigation.com
• Settlement Administrator (Kroll): 1-888-832-2704
• U.S. District Court, Eastern District of Virginia — Case No. 1:24-md-03111-DJN: https://pacer.gov
• Official Court Settlement Notice (PRNewswire, March 4, 2026): https://www.prnewswire.com/news-releases/425-million-settlement-reached-in-capital-one-360-savings-account-interest-rate-litigation-302704322.html
• New York AG Office — Settlement applause statement: https://ag.ny.gov/press-release/2026/attorney-general-james-applauds-new-capital-one-settlement

Prepared by the AllAboutLawyer.com Editorial Team and reviewed for factual accuracy against the official CapitalOne360SavingsAccountLitigation.com settlement website, the PRNewswire official court notice (March 4, 2026), the Eastern District of Virginia PACER docket, and U.S. News & World Report’s final approval coverage on April 23, 2026. Last Updated: April 23, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.