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A judge this week approved a $425 million settlement in a class action lawsuit against Capital One \u2014 with payouts going to eligible Capital One customers.<\/p>\n
The class action lawsuit stems from interest rates that Capital One paid to savings account customers. In short, Capital One originally offered a 360 Savings Account before introducing the 360 Performance Savings Account, a high-yield savings account<\/a>, in 2019.<\/p>\n The account holders in the lawsuit said Capital One continually paid a higher return on the 360 Performance Savings than on the 360 Savings, though the accounts were otherwise the same. They also alleged that the bank hid the fact that the original 360 Savings was no longer Capital One\u2019s high-yield savings account and that the higher-interest 360 Performance account was an option.<\/p>\n With the settlement now approved, eligible Capital One account holders can expect payments soon. Here\u2019s what that means for you:<\/p>\n