Capital One headquarters in McLean, Virginia on February 20, 2024.
Brendan Smialowski | AFP | Getty Images
The Consumer Financial Protection Bureau announced Tuesday that it was suing Capital One for misleading consumers about their savings account interest rates and “cheating” them out of more than $2 billion in interest.
The agency said in a statement Capital One deceived holders of its “360 Savings” account by conflating it with its newer and higher-yield savings account option, the “360 Performance Savings” account. The bank allegedly failed to notify 360 Savings account holders of the newer option and marketed the two products similarly to lead customers to believe they were the same.
However, the interest rates of the two options were substantially different, according to the CFPB. 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…
