Key Takeaways
- Clients who had a Capital One 360 Financial savings account between 2019 and 2025 are eligible for a payout overlaying misplaced curiosity.
- You don’t have to nonetheless have the account—however in case you do, closing it by Oct. 2 might imply a considerably bigger settlement examine.
- Preserving the account previous the deadline will nonetheless earn you compensation, however the payout will probably be smaller—and you may lose out on greater APYs elsewhere.
- Your settlement quantity will depend on how a lot cash you held within the account and for a way lengthy.
- To maximise your payout, act earlier than Oct. 2—and think about transferring funds right into a prime high-yield financial savings account.
The total article continues under these provides from our companions.
Capital One Accused of Deceptive Its 360 Financial savings Clients
Capital One as soon as promoted its “360 Financial savings” account as providing a “nice price,” paying 1.00% APY in 2013—a aggressive return on the time, when the Federal Reserve had charges pinned close to zero and the nationwide common financial savings account earned simply 0.07%.
However in line with a class-action lawsuit, Capital One quietly launched a virtually similar “360 Efficiency Financial savings” account in September 2019 that paid 1.90% APY—with out informing present 360 Financial savings prospects.
The lawsuit claims that Capital One stopped opening new 360 Financial savings accounts however allowed present ones to proceed, with out notifying these prospects in regards to the higher-paying choice. It additionally alleges that as a result of all references to 360 Financial savings Account have been faraway from the financial institution’s web site, prospects had no simple manner of realizing they have been incomes a lot much less.
The hole in earnings allegedly widened over time. The 360 Efficiency Financial savings price climbed to 4.35% because the Fed raised rates of interest, whereas the unique 360 Financial savings price fell to 0.30% in late 2020 and stayed there.
The CFPB’s Function—and Retreat
The Client Monetary Safety Bureau initially sued Capital One in January 2025, calling its 360 Financial savings actions misleading and abusive. But it surely dropped the case quickly after President Donald Trump took workplace.
The $425 Million Settlement That Adopted—And What It Might Imply for You
The dramatic rate of interest hole between the 2 accounts set the stage for a large class-action lawsuit. In February 2024, prospects filed a case in federal courtroom alleging that Capital One had misled account holders by freezing the 360 Financial savings price at a low APY whereas quietly providing new prospects a lot greater yields. The go well with argued that thousands and thousands of individuals have been disadvantaged of billions in curiosity they need to have earned.
The lawsuit moved shortly, and by Could 2025, Capital One agreed to a $425 million settlement with out admitting wrongdoing. A federal decide gave the settlement preliminary approval in July, with a ultimate listening to scheduled for Nov. 6, 2025. Although not assured, the deal is extensively anticipated to be authorised—which might permit for buyer funds to start about 60 days later.
Who’s Eligible for a Settlement—and Why Closing by Oct. 2 Means a Larger Payout
Should you had a 360 Financial savings account between Sept. 18, 2019, and June 16, 2025, you are eligible for a payout, even when the account is now closed.
However in case you nonetheless have the account, closing it by Oct. 2 might enhance your payout by about 15%, in line with the settlement phrases. That is as a result of many of the $425 million settlement—$300 million—is earmarked for one-time money payouts to prospects who shut their accounts by that date.
The remaining $125 million is put aside for individuals who maintain their account open (or shut it after the Oct. 2 deadline), to be distributed as smaller lump-sum funds plus a boosted future rate of interest on their 360 Financial savings steadiness.
Closing the underperforming 360 Financial savings account earlier than the deadline is clearly the smarter cash transfer, because it means a bigger payout now. And the so-called rate of interest enhance that persevering with account holders would obtain remains to be paltry—making it a no brainer to maneuver your financial savings someplace it could actually truly earn a aggressive return.
Essential
You can too select to decide out of the settlement and pursue your individual lawsuit in opposition to Capital One. To take action, you will need to ship a written letter by common mail, postmarked no later than Oct. 2, 2025. Should you decide out, you’ll not obtain any payout from this settlement.
How A lot You Might Obtain If You Shut (or Preserve) Your Account
Your payout will probably be primarily based on the common steadiness you held in your 360 Financial savings account and the length you held that common steadiness. We have completed the mathematics to estimate payouts for these account homeowners who shut their 360 Financial savings account no later than Oct. 2. As you may see, payouts might vary from beneath $100 to the 1000’s—even 5 figures for individuals who stored a excessive steadiness there for an prolonged interval.
Estimated Settlementst for Varied Balances & Durations For Accounts Closed by Oct. 2
Time on Deposit
$1,000 common steadiness
$2,500 common steadiness
$5,000 common steadiness
$10,000 common steadiness
$25,000 common steadiness
$50,000 common steadiness
$100,000 common steadiness
3 months
$11
$26
$53
$106
$265
$529
$1,058
6 months
$21
$53
$106
$213
$532
$1,064
$2,127
1 yr
$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 in case you maintain your account open? Your lump-sum cost will probably be decreased to simply 87% of the estimates above. Put one other manner, for each $1,000 you’d obtain by closing your account earlier than Oct. 2, you’d get solely about $870 in case you maintain it open.
It is true that you’d additionally qualify for a barely greater rate of interest going ahead. However the settlement units that price at solely twice the nationwide common, presently 0.39%. Meaning Capital One’s “boosted” APY can be simply 0.78%—a fraction of the 4%–5% yields accessible from right this moment’s prime high-yield financial savings accounts. In different phrases, there’s no good cause to depart your cash parked within the previous 360 Financial savings account.
What to Do Now to Get Your Payout
A bit of fine information for 360 Financial savings account holders is that you simply don’t need to do something to be included within the settlement. Eligibility is automated, primarily based on Capital One’s account data—no declare type required.
However you do have to act in order for you the larger payout. Merely closing your account by Oct. 2 will qualify you for a examine that’s about 15% bigger.
You even have the choice to request quicker digital cost as soon as settlement distributions start. In any other case, your cash will arrive by paper examine within the mail. To request digital cost, log in at CapitalOne360SavingsAccountLitigation.com by Oct. 2. When you have your mailed discover, use the distinctive ID and PIN printed there. If not, the positioning features a lookup device to retrieve your credentials so you may confirm your account and choose digital supply.
Each day Rankings of the Greatest CDs and Financial savings Accounts
We replace these rankings each enterprise day to provide the finest deposit charges accessible:
Essential
Be aware that the “prime charges” quoted listed here are the best nationally accessible charges Investopedia has recognized in its each day price analysis on tons of of banks and credit score unions. That is a lot completely different than the nationwide common, which incorporates all banks providing a CD with that time period, together with many giant banks that pay a pittance in curiosity. Thus, the nationwide averages are at all times fairly low, whereas the highest charges you may unearth by procuring round are sometimes 5, 10, and even 15 instances greater.
How We Discover the Greatest Financial savings and CD Charges
Each enterprise day, Investopedia tracks the speed information of greater than 200 banks and credit score unions that supply CDs and financial savings accounts to prospects nationwide and determines each day rankings of the top-paying accounts. To qualify for our lists, the establishment should be federally insured (FDIC for banks, NCUA for credit score unions), and the account’s minimal preliminary deposit should not exceed $25,000. It additionally can’t specify a most deposit quantity that is under $5,000.
Banks should be accessible in at the very least 40 states to qualify as nationally accessible. And whereas some credit score unions require you to donate to a particular charity or affiliation to turn out to be a member in case you do not meet different eligibility standards (e.g., you do not dwell in a sure space or work in a sure type of job), we exclude credit score unions whose donation requirement is $40 or extra. For extra about how we select the very best charges, learn our full methodology.
