Capital One is defending itself from the CFPB's claims that it cheated customers out of billions of dollars in interest payments.

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking

If you had a savings account at Capital One between 2019 and mid-2024, you may have been misled into accepting a lower return on your deposits than the marketing suggested, according to a lawsuit filed Tuesday by the government's consumer watchdog agency.

The bank didn't give some existing customers the higher rates it was offering new customers, the agency alleged. The bank said it would fight the suit, which comes just days before the Trump administration takes over the regulator.

At a 0.5% APY, which Capital One offers on the original 360 Savings accounts, it produces even less. Some megabanks can offer savings accounts with rates as low as 0.01% or 0.02%, according to Bankrate. A mere 0.01% APY on $500 pays a nickel of interest.

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