Capital One’s $425M Settlement: If you’ve had a Capital One savings account in the past few years, there’s a good chance you’re owed some money and you may not even have to do anything to claim it. Capital One has agreed to a massive settlement, and millions of customers are automatically included. Here’s everything you need to know.
Why Is Capital One Paying Customers?
Capital One recently agreed to pay $425 million to settle claims about how it handled its savings accounts. For years, many customers were stuck earning just 0.3% interest in their old 360 Savings accounts, while the bank was offering newer 360 Performance Savings accounts with much higher rates sometimes over 4%.
The lawsuit argued that Capital One should have told customers about the better deal. While the bank didn’t admit fault, it agreed to settle and pay out hundreds of millions of dollars.
Capital One’s $425M Settlement: Do You Qualify for Money?
This part is simple: if you had a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, you’re in. That’s it. No complicated forms, no long claim process, you’re automatically eligible. Both individual and joint account holders qualify.
How Much Can You Expect?
The settlement money is split two ways:
- $300 million in cash will be paid directly to eligible customers.
- $125 million will go toward future interest for people who keep their accounts open.
Here’s the choice you’ll need to make:
- If you close your account by October 2, 2025, you’ll likely get about 15% more cash upfront.
- If you keep your account open, you’ll get a smaller payout now, but you’ll also keep earning boosted interest over time.
- It really comes down to whether you’d prefer a bigger check right away or more benefits in the long run.
Important Dates to Keep in Mind
There are two deadlines you shouldn’t miss:
- October 2, 2025: The cutoff date to update your info or close your account for the higher cash payout.
- November 6, 2025: The court will give final approval for the settlement. Once that happens, payments should start going out within about two months.
That means most people can expect to see their money sometime in early 2026.
You might remember Capital One’s 2019 data breach that exposed customer information. That was a separate settlement, and those payments have already gone out. But if you were affected back then, you can still get free identity protection services until 2028 even if you never filed a claim.
$5,108 Social Security Payment Hits Today: Check Your Eligibility by Birth Date
Capital One’s $425M Settlement: How to Check if You’re Owed Money?
1. Check if you held a 360 Savings account during Sept 18, 2019 – June 16, 2025.
If yes → You’re eligible for the $425 million settlement.
2. Decide whether to keep or close your account before October 2, 2025.
- Closing gives you a 15% boost to your payout.
- Keeping it open grants you additional interest benefits.
3. Update your payment details (especially if closing) via the settlement website by October 2, 2025 .
4. No need to file a claim, payments are automatic unless you opt out.
5. Prepare for distribution: After court approval (expected post-November 6, 2025), payments will begin arriving roughly within 60 days .
That’s all you need to do there’s no complicated claim process this time.
If you had a Capital One 360 Savings account in the past six years, the bank almost certainly owes you money. The only decision you’ll have to make is whether you want a bigger lump sum by closing your account or extra interest by keeping it open. Either way, the money will be coming your way automatically once the court gives the final approval.
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