Capital One reaches $425 million settlement. Who’s eligible to get money in WA?

Do you bank with Capital One?

Account holders across Washington state could be eligible for payouts after the international banking company reached a $425 million settlement in a class action lawsuit.

Here’s how to tell if you’re eligible to receive money:

What is the class action lawsuit against Capital One?

Dozens of plaintiffs filed the class action lawsuit against Capital One in 2024, alleging that the banking company failed to raise interest rates on older 360 Savings accounts in line with rates offered on newer 360 Performative Savings accounts.

The 360 Performative Savings accounts were created in 2019 as high-yield savings accounts with higher interest rates. Aside from differing interest rates, the plaintiffs claimed, the accounts were identical to 360 Savings accounts.

Plaintiffs also alleged that the company failed to inform its 360 Savings customers about the new, higher interest option.

At one point, the annual percentage yield on 360 Performance Savings accounts was 4.3%, while the yield on 360 Savings accounts was 0.3%.

“Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice,” New York Attorney General Letitia James said in a 2025 announcing the lawsuit against Capital One.

Capital One denied all allegations of wrongdoing, but agreed to pay $425 million in a settlement.

This money will pay for legal proceedings, plus pay out missed interest for affected customers. Additionally, Capital One agreed to pay identical rates for both account types going forward.

In November, a federal judge rejected Capital One’s initial settlement with depositors, saying the payout was too small.

Under that proposal, $300 million would have gone toward previously affected customers, and $125 million cover increased interest on current 360 Savings Accounts.

Judge David Novak of the Eastern District of Virginia issued final approval of the renegotiated $425 million settlement, which provides “expected relief of over $1.2 billion,” on April 22. This updated settlement is equal to estimated damages, court officials said.

Am I eligible for a payout?

Anyone who held a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, is eligible for payouts, according to the settlement website.

Will I get a check? How much can I get?

If you are eligible for a payout, you will receive a payment equal to the approximate amount of interest you would have earned under 360 Performance Savings account rates.

Payments will be “based on factors such as account balance and how long the account was open,” according to Consumer Affairs.

The payout will only be issued to the primary account holder listed on the Capital One account.

Consumer Affairs recommended taking these steps:

• Check your eligibility by confirming you held a 360 Savings account during the covered period.
• Make sure your contact information is current.
• Watch for official communications.
• Be aware of deadlines that have already passed.

Payouts will be in the form of checks or electronic payments.

However, the deadline to choose which form of payment you’d prefer was March 30.

If you did not previously select electronic payments, you won’t get paid if your settlement amount is less than $5.

Do I need to file a settlement claim?

If you were a Capitol One 360 Savings account holder during the appropriate time period, you don’t have to file a claim.

Settlement payments will be issued automatically using Capital One’s records.

People working with Capital One and their family members are excluded from the settlement.

This story was originally published April 28, 2026 at 11:22 AM with the headline "Capital One reaches $425 million settlement. Who’s eligible to get money in WA?."