AGs’ Interest in Capital One Savings Pays Off for Consumers

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  • Capital One reached a $425 million class action settlement with its 360 Savings customers, resolving claims that the bank misled customers and deprived them of higher interest payments over several years.
  • A bipartisan coalition of AGs opposed an earlier proposed settlement for significantly less money, arguing that it would have shortchanged 360 Savings customers. The revised settlement will require Capital One to provide $425 million in restitution and to align interest rates between its 360 Savings and 360 Performance Savings accounts going forward.
  • As we previously reported, NY AG Letitia James filed a related lawsuit against Capital One in May 2025, alleging that the bank misled 360 Savings customers about the interest rates they would receive and avoided paying the higher rates it promised. Her office has stated that it will voluntarily dismiss its lawsuit if the class action settlement receives final court approval.
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