Capital One Sued for Allegedly Misleading Customers on Savings Account Interest Rates

The CFPB claims the bank withheld information about higher-yield accounts, costing customers over $2 billion in potential interest.

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Capital One, alleging deceptive practices related to its 360 Savings and 360 Performance Savings accounts.
The CFPB claims Capital One froze the interest rate on its 360 Savings account at 0.30% from December 2020 to mid-2024, while the 360 Performance Savings account offered rates as high as 4.35%.
Millions of customers allegedly missed out on over $2 billion in interest because Capital One did not notify them of the higher-yielding 360 Performance Savings account.
The lawsuit accuses Capital One of obscuring the existence of the 360 Performance Savings account and prohibiting employees from informing 360 Savings account holders about the better option.
Capital One denies the allegations, stating that it marketed the 360 Performance Savings account widely and plans to vigorously defend itself in court.