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Customers nationwide will get hundreds of millions of dollars

January 12, 2026

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  Capital One will pay $425 million in restitution and raise interest rates for affected savings customers
  
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  The money willl go to consumers who held 360 Savings accounts
  
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  The deal follows objections by New York Attorney General Letitia James to an earlier, smaller settlement
  

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New York Attorney General Letitia James on Monday praised a revised settlement with Capital One that will return hundreds of millions of dollars to customers who were allegedly shortchanged on interest payments for years.

Under the agreement, Capital One will provide $425 million in restitution to customers nationwide, including an estimated $34 million to New Yorkers who held 360 Savings accounts. The settlement also requires the bank to raise interest rates for those accounts, ending what state officials described as a misleading two-tier savings system.

The deal more than doubles the value of an earlier proposed class action settlement that James and a bipartisan coalition of attorneys general successfully challenged in court.

Allegations of misleading savings customers

James sued Capital One in May, accusing the bank of misleading customers by marketing its 360 Savings accounts as high interest products that would outperform average savings accounts.

According to the lawsuit, Capital One kept interest rates on 360 Savings accounts artificially low even as national interest rates began climbing in 2022. At the same time, the bank introduced a nearly identical product 360 Performance Savings that offered significantly higher rates, at one point more than 14 times higher than those paid to existing 360 Savings customers.

State officials said the practice allowed Capital One to avoid paying higher interest to long-time customers while steering new deposits into the higher-yield account.

Capital One customers were counting on growing their savings accounts, but their bank misled them and cheated them out of valuable interest payments for years, James said in a statement. Today we are delivering justice for those customers nationwide.

Court rejects earlier deal

In September, James led a bipartisan coalition of attorneys general in filing an amicus brief opposing an earlier proposed settlement in the class action case.

That deal would have provided less than $300 million in restitution and would have allowed Capital One to continue paying lower interest rates on 360 Savings accounts. After the objections were filed, the court rejected the proposed settlement.

The newly negotiated agreement, which received preliminary court approval on Monday, significantly expands consumer relief.

Interest rates must now match

In addition to the $425 million restitution fund, the settlement requires Capital One to match interest rates between its 360 Savings and 360 Performance Savings accounts going forward.

State officials estimate that the change will provide an additional $530 million in future interest payments to consumers nationwide, effectively dismantling the two-tier system at the center of the lawsuit.

The Office of the Attorney General said it will voluntarily dismiss its case against Capital One if the revised settlement receives final court approval and takes effect.

Final approval of the settlement is still pending, but if approved, payments to affected consumers would follow under the terms set by the court.