Capital One will pay $425M over savings account rates

Capital One will pay $425 million to settle a class-action lawsuit alleging it failed to inform customers about better interest rates on savings accounts. The settlement covers customers with a 360 Savings account since September 2019. The lawsuit claimed Capital One created a new account with higher interest rates without notifying existing customers. Eligible customers will receive payments based on their account tenure, and those with current accounts will see their interest rates double the national average.