If you had a savings account at Capital One between 2019 and mid-2024, you may have been misled into accepting a lower return on your deposits than marketing suggested, according to a lawsuit filed Tuesday.
The Consumer Financial Protection Bureau is accusing the bank of offering low returns for customers with “360 Savings” accounts while offering better returns and marketing a similarly-named product called “360 Performance Savings” that was identical other than offering much higher rates.
The suit accuses the bank of intentionally keeping 360 Savings account holders in the dark about the better option after lowering and then freezing interest rates in 2019 at just 0.3% APY for that type of account.
In 2022, when interest rates on all kinds of financial productsrose in the wake of Federal Reserve rate hikes, Capital One raised the yield on 360 Performance Savings as high as 4.35%. Meanwhile, the bureau said in the suit, filed in a federal …