On July 10, 2023, Plaintiff Scott C. Savett filed a class action complaint against Capital One Bank, N.A. in Federal District Court for the Eastern District of Virginia. Savett seeks to represent a nationwide Class of Capital One 360 Savings accountholders and a Pennsylvania subclass of 360 Savings accountholders who were unfairly deprived of interest payments on their purportedly “high interest” online savings accounts. Wolf Popper LLP serves as counsel for Plaintiffs and the Putative Classes of Capital One 360 Savings accountholders. Savett asserted claims of breach of contract, violations of consumer protections statutes, unjust enrichment, and promissory estoppel.
Capital One has maintained an online savings account referred to as “360 Savings.” Since it began offering the account in February 2013, Capital One positioned the account as an account that would pay depositors a “high interest” rate on their savings. When interest rates began rising in 2019 after staying low for years, Captial One furtively began offering a new online savings account, “360 Performance Savings.” This new account is exactly the same as the legacy 360 Savings account except for a minor difference in its name and the interest rate. New customers who opened 360 Savings Performance accounts received a substantially higher interest rate on their deposits than legacy 360 Savings accountholders. However, Capital One did nothing to alert its longtime 360 Savings accountholders of this change and even took steps to conceal it by removing all references to the legacy account from CapitalOne.com. As of December 2023, the interest rate paid on the 360 Performance Savings account was 4.30% while the rate associated with the legacy 360 Savings account has stood at 0.30% since December 2020. 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.
Capital One 360 Savings accountholders who lost interest payments and who would like to discuss the investigation should contact Philip Black at (212) 451-9628 or pblack@wolfpopper.com or Timothy Brennan at (212) 451-9616 or tbrennan@wolfpopper.com.
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