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Capital One 360 Savings Account Interest Rate Reduction – Class Action Investigation

April 26, 2023 by  

Ahdoot Wolfson is investigating a potential class action lawsuit against Capital One relating to reports that Capital One drastically reduced the rate of interest for legacy account holders of its high-yield “360 Savings Account” after introducing its new high-yield product called the “360 Performance Savings Account.”

The 360 Performance Savings Account is identical in every way to Capital One’s predecessor 360 Savings Account except for its name and the interest rate. Our investigation reveals that Capital One 360 Savings Account customers initially signed up for that account based upon the promise of a high-yield interest rate. After some duration of time, Capital One reduced the interest rate on the 360 Savings Account to a fraction of the initially offered rate; left those account holders with that type of account; and created its current product called the 360 Performance Savings Account without migrating customers over from the legacy 360 Savings Account. Customers who remained in the 360 Savings Account product received very little interest, while new accounts in the Performance Savings Account receive high interest rates.

Capital One made this change without notifying legacy 360 Savings Account holders, causing customers to keep their savings in the legacy account and lose out on potentially thousands of dollars of interest. This practice may violate consumer protection and other laws.

If you have or had a Capital One 360 Savings Account, Capital One may owe you interest. Please fill out the form below and one of our lawyers promptly will contact you.

Capital One Savings Interest Bait and Switch