Millions of Capital One customers are about to get an unexpected payday. The bank agreed to a $425 million settlement after being accused of keeping customers in its older 360 Savings account—which paid a measly 0.30 percent interest—while offering new customers a much better deal through its 360 Performance Savings account, which paid as much as 3.20 percent. Under the agreement, the full $425 million will go to affected account holders. Customers who held a 360 Savings account between Sept. 18, 2019, and June 16, 2025, do not need to do anything to get paid, as funds will be disbursed automatically. Payouts will vary depending on how long customers held the account and how much interest they missed out on while parked in the lower-rate option. Eligible customers are set to see the cash within the next month or two, according to the Daily Mail. The bank has also agreed to raise the rates on the 360 Savings accounts to match the higher-yield product going forward. Capitol One did not immediately respond to a request for comment.
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