Jan 14, 2025 · The CFPB alleges that Capital One promised consumers that its flagship “360 Savings” account provided one of the nation’s “best” and “highest” interest rates, but the bank froze the interest rate at a low level while rates rose nationwide.

Jan 14, 2025 · The CFPB alleges that Capital One kept the rate for its 360 Savings accounts at 0.30% between December 2020 through at least August 2024. The rate for 360 Performance Savings, by contrast, climbed from 0.40% in April 2022 to as high as 4.35% at the start of 2024 — falling slightly to 4.25% by August, the agency noted Tuesday.

Jan 14, 2025 · The agency accused Capital One of obscuring a new, higher-paying savings product from some legacy savings account holders. The bank said it is “disappointed” with the bureau’s “eleventh hour lawsuits.”

Jan 14, 2025 · In a complaint filed Tuesday, the Consumer Financial Protection Bureau took aim at Capital One's promises and handling of its "360 Savings" accounts, which were promoted as accounts providing...

Jan 15, 2025 · The agency alleges the bank "schemed" for members to keep their lower-yield 360 Savings accounts open by freezing their interest rates, giving the lower- and higher-yield accounts similar names...

Jan 14, 2025 · This new product had all the same terms and conditions as 360 Savings accounts, and Capital One likewise marketed it as having “one of the nation’s top savings rates.” But in contrast to the 360 Savings rate, Capital One has kept the 360 Performance Savings rate at a consistently high level. In August 2024, the 360 Performance Savings ...

Jan 15, 2025 · Capital One violated the Truth in Savings Act by describing its 360 Savings account’s interest rate as one of the nation’s “top” and “highest,” and that it would earn much higher interest than...

Jan 14, 2025 · Capital One increased the 360 Performance Savings interest rate from 0.4% in April 2022 to 4.35% in January 2024, while it lowered and then froze the 360 Savings rate at 0.3% between late 2019 and ...

who held its flagship “high interest” savings account, “360 Savings.” After promising 360 Savings accountholders that 360 Savings provided one of the nation’s best interest rates, it froze ... [email protected], 681-473-3873 WESLEY B. WARD (D.C. Bar No. 90021606) Enforcement Attorney . [email protected], 202-435-5319

Jan 14, 2025 · That means the rate for 360 Performance Savings is nearly 7.5 times higher than that of 360 Savings today. But the CFPB says they've been farther apart in the past. In July 2024, the agency notes ...