Judge approves $425 million Capital One settlement. Here's what to know.

MoneyWatch Judge approves $425 million Capital One settlement. Here's what customers should know. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Aimee Picchi Aimee Picchi Associate Managing Editor, MoneyWatch Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports. Read Full Bio Aimee Picchi April 23, 2026 / 8:52 AM EDT / CBS News Add CBS News on Google A judge has approved a $425 million settlement in a lawsuit alleging that Capital One paid lower interest rates on older savings accounts while offering higher rates on a similar product.The settlement approval opens the way for payments to be sent to eligible Capital One customers who held a 360 Savings account at any time between Sept. 18, 2019, and June 16, 2025. The case, in which Capital One denies any wrongdoing, involves two types of savings accounts offered by the financial services giant. In 2019, Capital One rolled out a savings account called 360 Performance Savings, which offered higher interest rates than its older 360 Savings accounts. The lawsuit alleges the bank didn't clearly inform 360 Savings customers about the newer, higher-rate account or that their account was no longer the best option.Am I eligible for a payment?The settlement is available to Capital One customers who held a 360 Savings account between Sept. 18, 2019, and June 16, 2025, as well as joint and co-holders of those accounts, according to the settlement website.Do I need to file a claim to receive payment?The settlement website says that eligible Capital One customers don't need to file a claim to receive a cash payment. However, customers could choose to receive their payment electronically instead of by check, although they had to make that decision before March 30. People who didn'...