Capital One Reaches $425 Million Settlement Over 360 Savings

Capital One NA and 360 Savings account holders agreed to settle for $425 million federal litigation over the advertising of interest rates, according to a Friday court filing.

Account holders accused the bank of duping them into thinking the 360 Savings account would be the same as the 360 Performance Savings account, introduced in 2019. Instead, they alleged the bank lowered rates on the former until the difference was significant, causing them to miss out on payments.

Pending the approval of a judge in the US District Court for the Eastern District of Virginia, Capital One would make $300 million ...