The Bureau is accusing these entities of misleading millions of consumers and denying them over USD 2 billion in interest payments. The complaint centres on practices related to Capital One's savings products, particularly its 360 Savings and 360 Performance Savings accounts.
The CFPB alleges that Capital One marketed its 360 Savings account as offering some of the nation's best interest rates but later froze its rate at 0.30% from late 2019 to mid-2024, even as rates nationwide were on the rise.
At the same time, the bank introduced the 360 Performance Savings account, which offered significantly higher rates, eventually surpassing 4% by 2024. The CFPB claims that Capital One obscured the existence of this higher-yielding product from 360 Savings accountholders and took steps to prevent them from transitioning to the newer account.

Allegations of misleading practices
The CFPB's complaint outlines several specific allegations:
- Deceptive marketing: Capital One is accused of misrepresenting the 360 Savings account as a high-interest product while withholding information about the more lucrative 360 Performance Savings account from existing customers.
- Two-tier system: The bank allegedly worked to maintain a two-tier structure by hiding the higher-yielding product from existing 360 Savings accountholders. Marketing materials for 360 Performance Savings were excluded from campaigns targeting these customers, and employees were reportedly prohibited from informing them about the alternative product.
CFPB officials commented on the case, saying the bureau is looking to address what it views as deceptive practices that undermined consumer trust. They emphasised that financial institutions should not lure customers with promises of high returns that fail to materialise.
Capital One acquired ING Direct USA in 2012, rebranding its savings products as ‘360 Savings’ the following year. At the time, ING Direct accounts were known for offering competitive interest rates. However, the CFPB alleges that Capital One failed to uphold those standards, locking customers into lower rates while promoting the 360 Performance Savings account as a new offering for new depositors.
According to consumerfinance.gov, CFPB is invoking its authority under the Consumer Financial Protection Act and the Truth in Savings Act to address the alleged violations. The lawsuit aims to end Capital One’s practices, provide compensation to affected consumers, and impose civil penalties to be paid into the CFPB’s victims relief fund.