If you’ve had a Capital One savings account in recent years, the bank may soon send some money your way after a U.S. judge approved a $425 million settlement this week.  Better yet? You don’t have to do anything to claim your stake in the class action lawsuit that was initially filed against the McLean, Virginia-based bank in 2024. To be eligible for settlement funds, you must have had a Capital One 360 Savings account at any time from mid-September 2019 through mid-June 2025.  WHO IS ELIGIBLE FOR A PAYMENT The case stems from allegations that Capital One “acted deceptively regarding the marketing and payment of interest on its 360 Savings account product,” according to a settlement notification sent to customers. During the nearly six-year period in question, Capital One offered two very similarly-named savings accounts that offered very different interest rates—with the 360 Performance Savings account paying a higher rate than the 360 Savings account.  That difference grew substantially as the Federal Reserve began hiking interest rates in 2022. By December 2023, 360 Performance Savings accountholders were paid an APR of 4 35% compared to only 0.30% for 360 Savings account holders, according to information from Wolf Popper, the law firm that represented the plaintiffs in the case.  “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,” the firm said in a summary of the case on its website.  The firm didn’t immediately respond to a request for comment about the settlement from Fast Company .  HOW MUCH CUSTOMERS WILL RECEIVE But don’t count your dollars quite yet. The above dynamics also make the case a bit trickier for customers to know how much money you can expect to receive.  Affected 360 Savings customers will receive an individualized payment that’s based on the amount of interest you would have earned if the account were receiving the same rate as the 360 Performance account.  Payments will be issued to customers beginning around July 21.  CASE RENEGOTIATED The settlement was dragged out a bit as it had to be renegotiated after a U.S. judge initially rejected the same amount—albeit with different terms—in November.  Investors, too, seem to be renegotiating what they think shares of Capital One are worth lately. The stock has tumbled nearly 22% this year while the broader S&P 500 is up about 4% during the same period.