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Capital One to Pay $425 Million Over Savings Account Misrepresentation

1/20/2026

Summary

Story summary

Capital One will pay $425 million to settle allegations of misleading customers about its high-yield savings account.
New York Attorney General Letitia James said Capital One misrepresented 360 Savings rates, which were lower than the 360 Performance Savings rate.
In 2022, the 360 Savings rate was 0.3%, below market averages.
Eligible customers will receive automatic payments based on duration and balance, with some earning up to 15% more for switching.

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Story summary

Capital One will pay $425 million to settle allegations of misleading customers about its high-yield savings account.
New York Attorney General Letitia James said Capital One misrepresented 360 Savings rates, which were lower than the 360 Performance Savings rate.
In 2022, the 360 Savings rate was 0.3%, below market averages.
Eligible customers will receive automatic payments based on duration and balance, with some earning up to 15% more for switching.