Capital One
Payouts vary based on account duration, balance, and collection rate, calculated as the difference between the 360 Savings and 360 Performance Savings accounts over time. Capital One/YouTube

Millions of current and former Capital One savers are three months away from a payday that nearly slipped away, after a federal judge approved a revised $425 million (£314 million) class-action settlement on 20 April 2026 that hands customers a far bigger cash payout than the bank first proposed.

Who Qualifies and When Payouts Arrive

Anyone who held a Capital One 360 Savings account at any point between 18 September 2019 and 16 June 2025 is automatically included, including former customers who switched banks years ago. No claim form is required. Joint and co-holders are eligible, though only primary account holders will receive cash.

Payments are expected to be issued on or around 27 July 2026, according to the official settlement website run by administrator Kroll. The timeline depends on whether anyone files an appeal during the 30-day window that opened after final approval. Any appeal would freeze distributions until it is resolved.

Customers who opted in for electronic payment before the 30 March deadline will receive funds digitally. Everyone else gets a paper cheque posted to their last known address, though no cheque is issued for amounts below $5 (£3.69).

Why the Deal Got Bigger

The path to approval was anything but smooth. On 6 November 2025, US District Judge David J. Novak threw out an earlier version, calling it 'neither reasonable nor adequate.' He ruled the offer would have compensated account holders for less than 10% of the interest they actually lost.

That rejected version split $425 million into $300 million (£222 million) for cash restitution and $125 million (£92 million) for raising legacy account rates. Novak said the structure left too many savers in the dark and accused Capital One of continuing to pay lower rates without telling customers they could switch.

The revised deal redirects all $425 milllion (£314 million) into customer cash, $125 million (£92 million) more than the bank's first offer set aside for direct restitution. Capital One must also raise the rate on 360 Savings accounts to match the higher-yielding 360 Performance Savings product, automatically, for at least two years.

How Much You Could Receive

Individual amounts depend on how long the account was held, how much was kept in it, and how many class members ultimately collect. Each payout is calculated as the gap between what a 360 Savings account actually paid and what the 360 Performance Savings account was paying over the same period.

The disparity was striking. Between April and September 2024, Capital One paid 4.35% on the newer account and just 0.30% on the older one, according to settlement filings. Plaintiffs argued the gap cost customers more than $2 billion (£1.48 billion) in potential interest across the class period.

Roughly $32 million (£24 million) in legal fees and around $1.81 million (£1.3 million) in expenses come out of the fund first. Each of the 26 class representatives will receive a $10,000 (£7,400) service award, with leftover money flowing to Richmond-based food bank Feed More.

What Former Customers Should Do Now

Anyone who closed a 360 Savings account before June 2025 is still eligible and doesn't need to take action. Kroll will use Capital One's own records to find them. Customers who have moved house should update their address through the official portal before cheques are issued.

Would-be appellants face a steep barrier. Novak's order requires anyone challenging the deal to post a $25,000 (£18,500) bond, a sum that signals the court's intent to keep payments on track. Barring an appeal, eligible savers should see their cash by late July.

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