Capital One Accused of Misleading Customers on Savings Rates

Capital One Financial Corp. misled customers when it rolled out a new savings account with a higher interest rate it didn’t also give to existing savings accounts, the Consumer Financial Protection Bureau said Tuesday in a lawsuit against the bank.

Capital One introduced the 360 Performance Savings Account in 2019, with an interest rate that eventually rose to 4.25%, according to the complaint. That was far higher than the 0.3% offered on the bank’s existing savings account product, called 360 Savings. The CFPB alleges that the bank promised existing customers one of the US’s “top,” “best” and “highest” interest rates through their 360 Savings account, according to the lawsuit, filed in the US District Court for the Eastern District of Virginia.