Capital One 360 425M Savings Settlement, Are You Eligible for a Payout? Get Your Payment Before March 30, 2026

Capital One has reached a revised $425 million class action settlement to resolve allegations that it misled “360 Savings” account holders. The lawsuit claimed the bank kept interest rates low on older accounts while offering much higher rates on newer “360 Performance Savings” products. The settlement benefits those who held a 360 Savings account between September 2019 and June 2025. No claim form is required for the cash payout, but users must choose an electronic payment method by March 30, 2026, to avoid a paper check.

Field	Detail
Settlement Amount	$425 Million
Deadline to Opt-Out	March 30, 2026
Electronic Payment Deadline	March 30, 2026
Who Qualifies	360 Savings accountholders (Sept 18, 2019 – June 16, 2025)
Payout Per Person	Pro-rata (based on lost interest)
Proof Required	No
Settlement Status	Preliminarily Approved
Administrator	Capital One 360 Savings Litigation
Official Website	CapitalOne360SavingsAccountLitigation.com

Current Status & What Happens Next

• Litigation Stage: A federal judge in Virginia granted preliminary approval for this revised $425 million deal on January 12, 2026, after rejecting a previous, smaller proposal.
• Important Deadlines: You must submit any objections or requests to be excluded from the settlement by March 30, 2026.
• Final Approval: The court has scheduled a final fairness hearing for April 20, 2026, to decide if the payments can be distributed.
• Payment Timeline: If approved, checks and electronic transfers are expected to begin in the summer of 2026.

What Is the Capital One Lawsuit About? 

The lawsuit, In re: Capital One 360 Savings Account Interest Rate Litigation, alleges that Capital One engaged in a “bait-and-switch” scheme. According to the complaint, the bank marketed its “360 Savings” account as a high-yield product but later “fossilized” the interest rate at approximately 0.3%.

Meanwhile, Capital One launched a nearly identical product called “360 Performance Savings” with rates reaching over 4.0%. The plaintiffs argue that Capital One intentionally chose not to notify existing customers of the higher-earning account to avoid paying out billions in interest. A coalition of state attorneys general intervened in 2025, arguing that the original settlement was too small, leading to the current, doubled $425 million fund.

Who Is Eligible to File a Claim?

The settlement class is defined by specific account types and dates.

• You may qualify if you are a person or entity in the U.S. who held a Capital One 360 Savings account at any time between September 18, 2019, and June 16, 2025.
• You may qualify if your account remained a “360 Savings” account while the “360 Performance Savings” account was offering a higher interest rate.
• Note: If you already converted your account to “Performance Savings” before the class period began, you may not be eligible for this specific litigation.

Related article: Invitation Homes Settlement 2026, FTC Sends $47.2M in Refunds & Minnesota Class Action Updates

How Much Can You Receive?

The $425 million fund is designed to reimburse customers for the interest they “lost” by staying in the lower-tiered account.

• Cash Payouts: $300 million of the fund will be distributed to class members. Your individual payout is calculated based on your average daily balance during the time your interest rate was lower than the “Performance” rate.
• Automatic Payouts: If your calculated share is $5.00 or more, you will receive a payment automatically.
• Future Interest: As part of the deal, Capital One is required to match the interest rates between the two account types, which experts estimate will provide an additional $530 million in value to consumers over the coming years.

How to Get Your Payment 

You do not need to file a formal “claim” because Capital One already has your account data. However, you can choose how you receive the money.

1. Visit the official site: Go to CapitalOne360SavingsAccountLitigation.com.
2. Select Electronic Payment: By default, the administrator will mail a paper check to your last known address.
3. Update your info: Use the website to select PayPal, Zelle, or Venmo to ensure faster delivery.
4. Deadline: You must make this selection by March 30, 2026.
5. Wait for Approval: Payouts will only be sent after the April 20 hearing.

Estimated time to complete: 3 minutes.

Important Deadlines & Dates

Milestone	Date
Preliminary Approval Granted	January 12, 2026
Opt-Out / Objection Deadline	March 30, 2026
Electronic Payment Selection	March 30, 2026
Final Approval Hearing	April 20, 2026
Estimated Payout Date	July/August 2026

Frequently Asked Questions 

Do I need a lawyer to file a claim?

No. Class counsel has already been appointed to represent the group. You will automatically receive a payment if you are an eligible class member with a calculated payout over $5.00.

Is this settlement legitimate?

Yes. This is a court-approved settlement in the Eastern District of Virginia. It has been highly publicized due to the involvement of several state attorneys general who fought for a higher payout for consumers.

When will I receive my payment?

If the judge gives final approval on April 20, 2026, and there are no appeals, payments should begin arriving roughly 60–90 days later.

What if I moved or closed my account?

If you no longer have a Capital One account, it is critical that you visit the settlement website to update your current mailing address or provide a digital payment email (like Zelle) before March 30.

Will this 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.

Is there a separate lawsuit for Capital One credit cards?

Yes, there was a separate $2.4 million settlement regarding Fair Credit Reporting Act (FCRA) violations that concluded its opt-out period in February 2026. This $425 million settlement is strictly for 360 Savings accounts.

Sources & References

• Official Settlement Website: Capital One 360 Savings Litigation
• New York Attorney General: Press Release on $425M Settlement

Last Updated: March 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.