NEW YORK (WPIX) — Capital One has agreed to a $425 million settlement to resolve claims that it failed to raise interest rates for 360 Savings accounts.

The settlement includes customers who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025.

Here's what to know.

What is the class action settlement about?

Earlier this year, the Consumer Financial Protection Bureau sued Capital One over its savings accounts, accusing the company of freezing its rate at a low level for several years, despite rising rates nationally, "cheating" customers out of more than $2 billion in lost interest payments as a result.

Multiple lawsuits have been brought against Capital One over the 360 Savings accounts, which are now being overseen by a federal judge in Virginia.