Schlesinger Law Offices Stands Ready to Help Affected Consumers
A savings account isn’t just a place to store money—it’s an investment opportunity that should reward customers, not take advantage of them. However, a Consumer Financial Protection Bureau (CFPB) lawsuit alleges that Capital One misled millions of customers, cheating them out of more than $2 billion in interest from their savings accounts.
If you had funds in a Capital One 360 Savings account, you may have lost thousands in potential interest earnings—and you may be eligible to take legal action. Schlesinger Law Offices has decades of experience addressing corporate misconduct, fighting back when companies mislead and take advantage of consumers and can help you with Capital One deceptions.
What the Lawsuit Alleges
On January 14, 2025, the CFPB filed a lawsuit against Capital One. The case alleges that, from 2013 to 2019, Capital One falsely advertised its 360 Savings account as a “high-interest” savings option with some of the nation’s best rates.
Instead of delivering on those promises, Capital One allegedly:
- Locked interest rates at 0.30% from 2020 to 2024, despite rising national interest rates.
- Created a nearly identical product, called ‘360 Performance Savings‘, with a similar name and features, allowing them to mislead existing ‘360 Savings’ customers into believing they were still earning a competitive rate
- Failed to inform existing 360 Savings accountholders that they could switch to a higher-yield product.
- Discouraged Capital One employees from informing customers about the better-paying account.
- Avoided paying more than $2 billion in interest to loyal account holders by intentionally misleading them.
This lawsuit alleges that Capital One violated multiple federal laws, including the Consumer Financial Protection Act (CFPA) and the Truth in Savings Act (TISA), by misleading customers and suppressing fair competition.
How Capital One Allegedly Deceived Customers
The CFPB’s complaint details how Capital One marketed 360 Savings as an account with a “variable interest rate” that would remain among the nation’s best. However, rather than adjusting rates as the Federal Reserve raised interest levels, Capital One kept 360 Savings rates artificially low while creating a similar named, 360 Performance Savings account that had more competitive rates.
According to the CFPB, Capital One executives actively worked to deceive consumers by:
- Deceptive Account Renaming – Capital One named the new high interest rate account ‘360 Performance Savings’ making it difficult for consumers to differentiate between the two.
- Marketing Manipulation – Capital One removed references to 360 Savings on its website and replaced them with 360 Performance Savings without notifying existing customers.
- Employee Gag Orders – The company allegedly prohibited employees from proactively telling customers about the better product unless specifically asked.
Many loyal Capital One customers were left earning pennies in interest in the old account, while the new similarly named account paid significantly higher interest rates.
What This Means for Capital One Customers
If you held a Capital One 360 Savings account between 2013 and 2024, you may have been impacted by these deceptive practices.
Key Questions:
- Did you have a Capital One 360 Savings account and earn lower-than-expected interest?
- Were you unaware that Capital One offered a higher-rate alternative?
- Did Capital One ever notify you about the 360 Performance Savings account?
- Would you have switched if you had known about the higher interest rate?
If you answered yes to these questions, you may have a claim.
How Schlesinger Law Offices Can Help
At Schlesinger Law Offices, we have a history of holding major corporations accountable when they mislead consumers. We fight for victims of corporate fraud, financial deception, and consumer protection violations.
Schlesinger Law Offices is actively signing clients who have been financially impacted by Capital One’s deceptive savings account practices. If you held a 360 Savings account and lost out on interest due to Capital One’s misleading tactics, you may be eligible to take legal action.
If you think you may have been impacted, we want to hear from you.
What We Can Do for You:
- Evaluate your claim to see if you were affected by Capital One’s practices.
- Help you understand your legal rights and options for financial recovery.
- Take action on your behalf to seek compensation for lost interest earnings.
Take Action Today
If you or someone you know had a Capital One 360 Savings account, now is the time to explore your legal options. This lawsuit could result in financial relief for affected consumers.
Contact Schlesinger Law Offices today for a free case review. Don’t let Capital One get away with deceptive banking practices. Your savings should have worked for you—not for Capital One.
The CFPB’s lawsuit against Capital One is a major step toward holding big banks accountable for their misleading practices. Schlesinger Law Offices is committed to helping consumers fight back when financial institutions put profits over people. If you lost interest income due to Capital One’s deceptive savings account scheme, let our legal tem help you secure the compensation you deserve.
