Capital One customers awaiting a payout from the $425 million settlement tied to the 360 Savings Account could face a delay of a year or longer.
An appeal filed in June by a class member who objected to the settlement has “substantially delayed” the payments, which were scheduled to begin in July, according to a filing on the settlement website.
In April, a federal judge approved the $425 million settlement in a class-action lawsuit against Capital One — with payouts going to eligible Capital One customers.
The lawsuit stemmed from interest rates that Capital One paid to savings account customers. Capital One originally offered a 360 Savings Account before introducing the 360 Performance Savings Account, a high-yield savings account, in 2019.
The account holders in the lawsuit said Capital One continually paid a higher return on the 360 Performance Savings than the 360 Savings, though the accounts were otherwise the same. They also alleged that the bank hid the fact that the original 360 Savings was no longer the high-yield savings account from Capital One, and that there was the higher-interest 360 Performance option.
Capital One denied any wrongdoing as part of the settlement. If the appeal moves forward, it could potentially change the settlement’s structure and other terms of the agreement. Additional details regarding the appeal have not yet been released.
Are you eligible?
Eligible account holders are those who held a Capital One 360 Savings account anytime between Sept. 18, 2019, and June 16, 2025. That includes joint holders and co-holders of the account — though cash payments will only be made to primary account holders.
If you’re eligible, you’re automatically included in the settlement. The deadline to submit a written request to opt out was March 30, 2026.
Read more: 10 best high-yield savings accounts: Earn up to 4.10% APY
How to file for the settlement
You don’t have to do anything to file for the settlement. If you didn’t actively exclude yourself and you meet the eligibility criteria, you’ll be automatically eligible for payment.
Payments were initially supposed to be sent either by check or electronically around July 21, 2026. The appeal changes that.
“The appeal seeks to rescind the settlement and return the matter to litigation,” the filing on the settlement’s website states. “As a result of the appeal, any payments to class members from the settlement fund or in the form of increased interest as provided by the settlement will be substantially delayed (potentially over one year).”
How much will you get?
The amount you receive depends on your 360 Savings account details. Your claim is calculated based on the amount of additional interest you would have earned on your savings balance if you had earned the rate offered on 360 Performance Savings accounts.
For example, say you had $10,000 in a 360 Savings account for one year during the eligible period, with a 0.30% APY. At the same time, the 360 Performance Savings account earned 3.30% APY. Over that year, you earned a total of $30 interest on your savings, but you could have earned $330 with the 360 Performance Savings account.
This difference will make up your claim, but it may not actually be the payment amount you receive. Settlement payments also have to factor in costs for the lawsuit, such as attorney fees and administrative expenses, as well as the number of eligible account holders who opted out or will leave payments unclaimed.
There’s another benefit for ongoing Capital One savings customers. In addition to the settlement backpay, 360 Savings and 360 Performance Savings accounts will now receive the same interest rates on their savings.
Based on current rates, that will increase the 360 Savings Account’s 1.00% APY to 3.20% APY — the rate offered today on the 360 Performance Savings Account.
