Cases & Investigations
Capital One 360 Savings Account Interest Rate Litigation

Wolf Popper LLP has been appointed as Lead Counsel and Interim Class Counsel for Plaintiffs and the putative class of Capital One 360 Savings accountholders in this multidistrict class action against Capital One, N.A. and Capital One Financial Corporation (together, “Capital One”).
 
In 2013, Capital One introduced the online “360 Savings” account, which Capital One consistently advertised as its “high interest” savings account for the following six years.  As of September 2019, as market interest rates were increasing, Capital One paid 1.00% APY on 360 Savings.  However, on or about September 16, 2019, instead of continuing to raise interest rates on 360 Savings, Capital One abruptly pulled 360 Savings from its website and furtively substituted a new account called “360 Performance Savings,” which had identical features but a higher interest rate of 1.90% APY.  Capital One left all existing customers in the inferior 360 Savings account, and never informed them that 360 Performance Savings was a new, different product paying a higher interest rate.  Capital One also removed references to the 360 Savings account from its website entirely, maintaining the false impression that Capital One only offered the same, single high-interest online savings account, and concealing that 360 Performance Savings had in fact replaced 360 Savings as Capital One’s “high yield” savings account going forward. 
 
Over time, the interest rates on the two accounts diverged substantially, leaving 360 Savings customers behind.  As of December 2023, the interest rate paid on the 360 Performance Savings account was 4.35% while the rate associated with the legacy 360 Savings account has stood at 0.30% since December 2020.  Since Capital One did nothing to advise its legacy accountholders that they would have to switch to the new account to earn a competitive interest rate, 360 Savings accountholders across the country have lost out on interest payments Capital One should have paid them.
 
Plaintiffs allege that a duty of good faith and fair dealing is implied into Capital One’s account terms.  Capital One breached that duty when it failed to increase the interest rate paid to 360 Savings accountholders and instead began offering a different online savings account to new customers that actually paid a high interest rate.  Plaintiffs and 360 Savings accountholders were entitled to interest rates determined by Capital One’s exercise of honest and good faith discretion, commensurate with what Capital One paid on the otherwise identical 360 Performance Savings account.
 
In July 2024, Plaintiffs filed a Consolidated Amended Complaint, asserting breach of contract; violations of the consumer protections statutes of Virginia, California, Texas, New York, New Jersey, Pennsylvania, Massachusetts, Illinois, Maryland, Florida, North Carolina, Georgia, Oregon, Ohio, Michigan, Missouri, Nebraska, and Delaware; and claims for unjust enrichment and promissory estoppel.  Plaintiffs seek monetary damages, injunctive and/or other equitable relief, declaratory relief, restitution, and/or disgorgement of profits. 
 
On November 12, 2024, the Court denied Capital One’s motion to dismiss in substantial part, and denied Capital One’s motion to strike Plaintiffs’ jury demand. The case is proceeding through discovery. Trial is scheduled to begin with jury selection on July 18, 2025, followed by opening statements and testimony on July 21, 2025, continuing through August 8, 2025. If a class is certified, notice will be provided to class members at that time to the extent required by Rule 23 of the Federal Rules of Civil Procedure.
 

• Phone: Chet Waldman – (212) 451-9624
• Phone: Philip Black – (212) 451-9628
• Phone: Timothy Brennan – (212) 451-9616
• Email: Outreach@wolfpopper.com