/images/2023/09/14/woman_using_laptop.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
:format(webp)/images/2026/05/19/capital-one-settlement.jpg)
/authors/adam-palasciano-headshot_dQuaFvo.jpg)
/authors/laura_hohenstein_headshot.jpg)
Add Us On Google
Some Americans could soon receive a payment tied to how their savings accounts were handled. If you're eligible, it may be an unexpected way to increase your savings even more without taking any additional steps.
A federal court recently approved a major class-action settlement involving Capital One and its 360 Savings accounts. The case centers on differences between account types and how customers were informed about them. Now, affected customers are beginning to learn what this means for them.
Set up direct deposit - pocket $400
Set up an eligible direct deposit with SoFi Checking and Savings and you could pocket a bonus of up to $400. Make the switch, set up direct deposit, earn the bonus. It basically takes no extra work at all other than following these steps.
Why people are switching: This account earns up to an insane 4.00% APY1 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> on savings for up to six months (3.10% APY standard + 0.90% APY boost) on top of that $50 or $400 bonus.2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> That's way better than the measly 0.38% APY (as of 06/15/26)3 <p>Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 6/15/26.</p> national average savings accounts offer.
No monthly fees and no surprises. Open your account and earn up to a $400 bonus
What the $425 million settlement is about
The settlement stems from a class-action lawsuit alleging that Capital One did not adequately inform customers about a newer, higher-yield savings account option. Specifically, the case focused on the transition from the original 360 Savings account to the 360 Performance Savings account, which launched in September 2019.
According to court filings, customers who remained in the older account may have earned lower interest than they could have in the newer product. Capital One has denied any wrongdoing, but agreed to the $425 million settlement to resolve the claims. The agreement was approved by the United States District Court for the Eastern District of Virginia on April 20, 2026.
Who qualifies for the Capital One settlement
Eligibility for the settlement is broad and includes a large number of customers. Anyone who held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, may be included in the settlement class.
This settlement applies only to primary account holders. You do not need to have switched accounts or taken any specific action during that time period to qualify.
How much money you could receive
Payments are going to vary based on each customer's specific account history. The settlement calculates compensation by estimating the difference between what customers earned in the 360 Savings account and what they could have earned in the higher-yield 360 Performance Savings account.
This means customers who maintained larger balances or held accounts for longer periods may receive larger payments. For some, the payment may be relatively modest, while others could see more meaningful sums.
Resolve $10,000 or more of your debt
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.4 <p>Please note that all calls with the company may be recorded or monitored for quality assurance and training purposes. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. "Debt-Free" applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Results vary.</p>
Sign up for a free debt assessment here.
How and when payments may be sent
One of the key details of this savings account settlement is that most eligible customers do not need to file a claim. Payments are going to be issued automatically to qualifying account holders.
Customers who selected electronic payment by March 30 could receive funds that way. Others may receive a paper check, provided their payment amount is at least $5. Payments are expected to be distributed on or around July 27, 2026, though the timeline could shift if appeals are filed.
What to do if you think you're eligible
If you believe you may qualify, consider visiting the official settlement website to learn more. Then, you might want to review old account statements or emails from Capital One during the eligibility period.
Keeping your contact information updated could help ensure there are no delays in receiving your payment, and taking a few minutes to verify your details could help you avoid missing out.
Why this case matters for your savings strategy
This settlement highlights how important it is to regularly review your savings accounts and interest rates. Even small differences in yield could add up over time, especially for balances held over several years.
Banks may introduce new products with better terms, but customers are not always automatically moved into them. That means staying proactive, and occasionally comparing your account to current offerings, could help you avoid missing out on higher earnings. Going forward, this case serves as a reminder to check that your money is working as efficiently as possible.
FAQs
Is the Capital One settlement payment taxable?
Most likely yes. Because the settlement compensates for interest you could have earned, the IRS would generally treat this payment as taxable interest income. If your payment combined with any other Capital One interest income for the year exceeds $10, you may receive a 1099-INT form. The settlement website does not address tax treatment directly, so if you're unsure how to report your payment, a tax professional can help.
What if you think you qualify but don't receive a payment?
If you held a 360 Savings account during the eligibility period but don't receive a payment by late July 2026, visit the official settlement website at capitalone360savingsaccountlitigation.com. The site includes contact information for the settlement administrator, who can look up your account status and help resolve any issues.
Bottom line
The Capital One settlement highlights how small differences in account features add up over time. While not every payment is likely to be significant, the total $425 million payout reflects the broader impact across millions of customers.
Reviewing your accounts and staying informed about financial products could support stronger financial fitness over time, especially when opportunities like this arise. Check the settlement website if you believe you qualify. You might find it's time to open a new savings account.
More from FinanceBuzz:
- Retire like the rich: 14 ways you could build wealth in your 50s.
- Find out if you could pay less for car insurance in just a few clicks.
- Make these 7 savvy moves when you have $1,000 in the bank.
- 14 moves seniors could benefit from but often forget about.
/images/2021/04/21/adobestock_192812280_1200x628.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
/images/2025/01/28/adobestock_628402894_1.jpeg)
/images/2024/09/04/adobestock_669069249_editorial_use_only_1.jpeg)
/images/2020/03/02/tattoo-woman-bar.jpeg)
/images/2020/12/21/smiling-couple-looking-at-laptop-screen.jpeg)
Intro Offer
INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300
Annual Fee $0 Why we like it
/images/2025/01/23/discover_it_cash_back_card_art_gold.png)
/images/2023/09/14/woman_using_laptop.jpg)
/images/2023/05/25/smiling_woman_at_atm.jpg)
/images/2023/06/02/woman_using_an_atm.jpg)
/images/2023/03/23/attractive-senior-couple-calculating-savings-on-laptop.jpeg)
/images/2024/09/28/showing_banking_paper.jpg)
/images/2026/09/17/woman_thinking_near_window_with_her_computer.png)
/images/2026/01/30/older-woman-doing-taxes-paperwork.jpg)
/images/2025/12/16/woman-counting-cash.jpg)
/images/2026/09/17/woman_playing_tuition_savings_with_piggy_bank_and_laptop.png)
/images/2024/04/13/confused-businessman-looking-at-laptop-screen.jpeg)
/images/2023/09/20/young-couple-shocked-at-electricity-bills.jpeg)
