Millions of Capital One customers were informed earlier this year that they may receive compensation from a major class action involving the bank’s 360 Savings account. The settlement was originally valued at $425 million, with a plan to distribute payments to eligible customers who held this account during the specified period.
The settlement developed after long-running claims that the interest rate on the 360 Savings account did not match what customers expected and that newer customers were earning more through another savings product. As a result, many long-term account-holders were included in the class certification.
As of November 2025, many customers remain eager to understand the payment timeline, eligibility, and the future direction of the settlement. With the case still active in court, it is important to look at the terms, deadlines, and the latest updates shaping what comes next.
Table of Contents
Background of the Settlement
The proposed settlement is part of the case known as In re: Capital One 360 Savings Account Interest Rate Litigation, filed in the U.S. District Court for the Eastern District of Virginia. The agreement covers customers who held the bank’s 360 Savings account from 18 September 2019 through 16 June 2025.
The original structure of the settlement did not require customers to submit claim forms. Instead, accountholders automatically qualified as long as they had the 360 Savings account during the class period. Individuals were only asked to confirm their payment method or update their address.
The settlement website explained that customers had two possible outcomes depending on whether they kept their account open past the deadline or closed it before. These choices affected how much they would receive, but both types of account-holders were included in the class.
Terms and Key Deadlines
The proposed settlement included monetary compensation that was divided for different purposes. Below is the only table in this article, summarizing the core details from the settlement website:
| Settlement Component | Amount / Deadline | Description |
|---|---|---|
| Total Settlement Fund | $425 million | Combined cash and interest-payment relief |
| Cash Payment Fund | $300 million | Distributed to eligible class members |
| Additional Interest Fund | $125 million | For account-holders who kept accounts open |
| Eligibility Window | 18 Sep 2019 – 16 Jun 2025 | All 360 Savings accounts within this period included |
| Payment Method / Address Deadline | 02 October 2025 | Required to update details for payout |
| Final Approval Hearing | 06 November 2025 | Court review scheduled for settlement approval |
Under the original terms, customers who closed their accounts before the deadline were expected to receive an estimated 15% higher cash payment compared with those who kept it open. Those who kept the account open would instead qualify for future “additional interest” payments.
Current Status of the Settlement
Although the settlement structure and deadlines had been shared widely with the public, the agreement has not yet moved into the payout stage. This is because the proposal did not receive immediate approval during the final hearing scheduled for 06 November 2025.
Due to this development, payment processing has not started, and no distribution schedule has been finalized. Customers who already selected a payout method or closed their accounts remain part of the class, but the timing of any future payment is currently uncertain.
It is important to note that the eligibility period, deadlines, and class-member structure remain unchanged for the purposes of the litigation. The court’s next direction will determine how soon payments can begin and whether any terms need revision before distribution.
What Customers Should Do Now
- Keep contact information and payment preferences up to date on the official settlement website.
- Monitor official notices, as the court will issue updates regarding revised terms or scheduling for payments.
Future Outlook Based on Latest Court Update
According to the updated information from USNews, the settlement will require further work before customers can receive any compensation. The court has instructed both sides to revisit the terms, and until a revised structure is produced and approved, payments cannot begin.
The report indicates that the case may move toward trial in July 2026 if the parties fail to agree on updated settlement terms that satisfy the court. This means that payouts are not canceled, but they are also not immediate. A revised settlement could still be reached, which would restart the approval process and create a new timeline for payments.
For now, the most realistic expectation is that customers will need to wait for further negotiation or a new settlement proposal. Once that proposal is submitted, the court will review it, set new deadlines, and issue instructions about the updated claim process or automatic distribution.