Capital One Accused of Cheating Savings Account Holders Out of $2 Billion

On January 14, 2025, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One, alleging that the bank “cheated” millions of savings account customers out of more than $2 billion in interest by freezing the rate on their accounts even as rates grew nationwide.

The Allegations

The CFPB claims that Capital One marketed its "360 Savings" accounts as high-interest savings options. However, from late 2019 to mid-2024, the bank reportedly lowered and then froze the interest rate on these accounts at 0.30%, even as national interest rates increased. 

At the same time, Capital One introduced a nearly identical product, the "360 Performance Savings" account, which offered substantially higher interest rates—at one point, more than 14 times the rate of the 360 Savings account. The CFPB alleges that Capital One did not specifically notify existing 360 Savings account holders about the new, higher-yielding account, effectively keeping them in the dark and causing them to miss out on significant interest earnings.

Capital One's Response

Capital One has denied the allegations and expressed its intent to vigorously contest the lawsuit. The bank maintains that its interest rates and account offerings have been competitive and accessible to all customers.

Know Your Rights as a Consumer – Morgan & Morgan Can Help

If you were a Capital One 360 Savings account holder between late 2019 and mid-2024, you might have been affected by these practices. 

At Morgan & Morgan, we have a history of holding financial institutions accountable for deceptive practices. In 2019, we filed a class-action lawsuit against Capital One following a significant data breach that exposed the personal information of over 100 million customers due to negligent cyber security.

If you believe you've been affected by Capital One's alleged actions regarding the 360 Savings accounts, you may be entitled to compensation. Our experienced attorneys are here to evaluate your case and guide you through the legal process. 

Contact us today for a free, no-obligation case evaluation to discuss your options.