Minnesota Attorney General Keith Ellison has announced a new settlement with Capital One that will provide $425 million in restitution and improved interest rates for customers of the bank’s 360 Savings accounts. The agreement comes after Ellison and a bipartisan group of attorneys general objected to an earlier class action settlement, arguing it did not sufficiently compensate affected consumers.
“It’s tough enough to afford your life as it is. It’s outrageous that a financial institution would cheat you out of money it promised you and making affording your life even harder than it is,” Attorney General Ellison said. “I objected to an earlier class settlement that was unfair to Minnesota consumers who were falsely promised high-yield savings accounts by Capital One. I’m glad that the court rejected that settlement based on that objection and that this new deal ensures consumers receive the higher interest rates they were originally promised.”
“I previously objected to a class settlement that was unfair to Minnesota consumers who were falsely promised high-yield savings accounts by Capital One,” said Attorney General Ellison. “I’m glad that the court rejected that settlement based on the objection and that this new deal ensures that consumers receive the higher interest rates they were originally promised.”
Capital One had promoted its 360 Savings accounts as offering some of the best interest rates available, but while national rates increased starting in 2022, the bank kept these account rates low. At the same time, Capital One introduced a similar product called “360 Performance Savings” with much higher yields—at times more than fourteen times greater than those offered by 360 Savings.
In September 2025, Ellison joined other attorneys general in filing an amicus brief opposing a proposed class action resolution which would have provided less than $300 million in restitution and allowed continued underpayment of interest to 360 Savings customers. Following these objections, the court rejected the initial proposal.
The newly reached agreement requires Capital One not only to pay increased restitution but also to align interest rates between its two savings products going forward. This change is expected to result in about $530 million in additional future interest payments for customers nationwide.
The Office of Minnesota Attorney General continues its commitment to consumer protection through actions such as this recent settlement.
