You’ve probably seen the headlines or maybe even got a vague email that looked like spam about the Capital One bank class action settlement. It’s been a long, messy road. Honestly, if you’re a 360 Savings customer, you’ve likely been feeling a bit shortchanged for years, and it turns out a lot of state attorneys general agreed with you.
As of January 2026, the situation has shifted dramatically. While a previous deal was floating around that most experts called "inadequate," a brand-new $425 million settlement just got preliminary approval. This isn't just about a one-time check anymore; it’s about a massive correction to how the bank handles interest rates for its longtime customers.
Why the original settlement was rejected
The drama started because Capital One was essentially running a two-tiered system. They had the "360 Savings" account—the old-school one many of us opened years ago—and then they launched "360 Performance Savings."
The "Performance" version was getting interest rates upward of 4.3%, while the regular 360 Savings accounts were stuck at a measly 0.3%. Basically, the bank was marketing the old accounts as "high interest" while keeping the actual high rates for the new product.
A few months back, a judge actually threw out a smaller settlement proposal. Why? Because it was "too small." The court, pushed by a coalition of 18 state attorneys general including New York's Letitia James, argued that the initial payout didn't even cover 10% of the interest customers actually lost.
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The new $425 million deal: What's different?
On January 12, 2026, things got real. The new, revised Capital One bank class action settlement received preliminary approval. This one is way bigger and has some teeth to it.
Here is the breakdown of where that money is going:
- $425 million in cash restitution: This is for the "back pay" of interest you missed out on.
- $530 million in future interest: This is the big win. Capital One now has to match the interest rates between the old 360 Savings and the newer 360 Performance Savings. No more "loyalty tax" for keeping your old account.
- Automatic matching: The bank has to stop the two-tiered deceptive marketing and ensure rates stay competitive across both products.
If you had a 360 Savings account between September 18, 2019, and June 16, 2025, you are likely in the "class."
Do you need to file a claim?
This is where it gets kinda confusing. Originally, there was a deadline in October 2025 to select how you wanted to be paid. But because that old settlement was scrapped and replaced with this much larger one in early 2026, the timelines are resetting.
Usually, in these cases, if you’re a current customer, they might just credit your account. If you're a former customer, they’ll send a check or an electronic payment.
The most important thing right now? Keep an eye on your mailbox for a revised notice. Don't ignore it. The payout amount is calculated "pro rata," which basically means the more money you had sitting in that low-interest account, the bigger your slice of the $425 million will be.
The "loyalty tax" is ending
It’s sort of wild when you think about it. Banks usually want to keep their oldest customers happy. Instead, Capital One was caught betting on the fact that most people don't check their interest rates every month. They assumed you'd just leave your money in the 360 Savings account and not notice that the "Performance" account next door was earning 14 times as much interest.
The attorneys general from states like California, Maryland, and Massachusetts basically said "enough." They argued that calling an account "high yield" when it's paying less than the national average is flat-out deceptive.
What happens next?
We are currently in the "preliminary approval" phase. This means the judge likes the deal, but it’s not 100% final yet. A final approval hearing will likely happen later in 2026.
If you are a part of the Capital One bank class action settlement, here is what you should do right now:
- Check your account type: Log in to your Capital One app. Does it say "360 Savings" or "360 Performance Savings"? If it’s the former, you’re almost certainly part of this class.
- Verify your contact info: Make sure the bank has your current mailing address and email. You don't want a $500 restitution check going to an apartment you lived in three years ago.
- Wait for the New Notice: Since the deal was just doubled in January 2026, new notices are being prepared. This will have a new "Class Member ID" that you’ll need for the official settlement website.
This whole saga is a pretty loud reminder that "set it and forget it" banking can cost you thousands of dollars in the long run. Even though the settlement is coming, it’s always a good idea to peek at your APY every few months to make sure your bank isn't quietly moving the goalposts.