New York AG Sues Capital One Over High-Interest Savings Account Rates

Dow Jones2025-05-15

By Katherine Hamilton

Capital One was hit with a lawsuit from the New York Attorney General for how it sets rates on some of its savings accounts.

Attorney General Letitia James on Wednesday alleged Capital One kept interest rates artificially low for its 360 Savings accounts, despite touting one of the best rates in the country.

As interest rates began to rise in 2022, Capital One froze its 360 Savings rate at 0.3%, which was below the average interest rate, James claimed.

James also alleged the bank's 360 Performance Savings was nearly identical to 360 Savings, but offered a much higher rate, sometimes by as much as 14 times. The lawsuit claims Capital One did not advertise the account with better rates.

"Capital One created a secret, two-tier system of savings accounts in which only new accounts received the high interest rates that Capital One advertised," James said.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

May 14, 2025 12:09 ET (16:09 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2535077951?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-05-15 00:09","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2535077951","market":"other","top_or_hot":-1,"title":"New York AG Sues Capital One Over High-Interest Savings Account Rates","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Katherine Hamilton \n</p>\n<pre>\n \n</pre>\n<p>\n  Capital One was hit with a lawsuit from the New York Attorney General for how it sets rates on some of its savings accounts. \n</p>\n<p>\n  Attorney General Letitia James on Wednesday alleged Capital One kept interest rates artificially low for its 360 Savings accounts, despite touting one of the best rates in the country. \n</p>\n<p>\n  As interest rates began to rise in 2022, Capital One froze its 360 Savings rate at 0.3%, which was below the average interest rate, James claimed. \n</p>\n<p>\n  James also alleged the bank's 360 Performance Savings was nearly identical to 360 Savings, but offered a much higher rate, sometimes by as much as 14 times. The lawsuit claims Capital One did not advertise the account with better rates. \n</p>\n<p>\n  \"Capital One created a secret, two-tier system of savings accounts in which only new accounts received the high interest rates that Capital One advertised,\" James said. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 14, 2025 12:09 ET (16:09 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New York AG Sues Capital One Over High-Interest Savings Account Rates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew York AG Sues Capital One Over High-Interest Savings Account Rates\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-05-15 00:09</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Katherine Hamilton \n</p>\n<pre>\n \n</pre>\n<p>\n  Capital One was hit with a lawsuit from the New York Attorney General for how it sets rates on some of its savings accounts. \n</p>\n<p>\n  Attorney General Letitia James on Wednesday alleged Capital One kept interest rates artificially low for its 360 Savings accounts, despite touting one of the best rates in the country. \n</p>\n<p>\n  As interest rates began to rise in 2022, Capital One froze its 360 Savings rate at 0.3%, which was below the average interest rate, James claimed. \n</p>\n<p>\n  James also alleged the bank's 360 Performance Savings was nearly identical to 360 Savings, but offered a much higher rate, sometimes by as much as 14 times. The lawsuit claims Capital One did not advertise the account with better rates. \n</p>\n<p>\n  \"Capital One created a secret, two-tier system of savings accounts in which only new accounts received the high interest rates that Capital One advertised,\" James said. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 14, 2025 12:09 ET (16:09 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0477156953.USD","symbol_name":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2535077951","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2535077951","pubTimestamp":1747238940,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Capital One was hit with a lawsuit from the New York Attorney General for how it sets rates on some of its savings accounts.Attorney General Letitia James on Wednesday alleged Capital One kept interest rates artificially low for its 360 Savings accounts, despite touting one of the best rates in the country.As interest rates began to rise in 2022, Capital One froze its 360 Savings rate at 0.3%, which was below the average interest rate, James claimed.James also alleged the bank's 360 Performance Savings was nearly identical to 360 Savings, but offered a much higher rate, sometimes by as much as 14 times. The lawsuit claims Capital One did not advertise the account with better rates.\"Capital One created a secret, two-tier system of savings accounts in which only new accounts received the high interest rates that Capital One advertised,\" James said.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU1861217088.USD":"贝莱德金融科技A2","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","BK4210":"白银","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","COF":"第一资本","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","BK4585":"ETF&股票定投概念","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0106831901.USD":"贝莱德世界金融基金A2","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","BK4516":"特朗普概念","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","BK4559":"巴菲特持仓","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4166":"消费信贷","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","AG":"First Majestic Silver Corporation","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","BK4588":"碎股"},"translate_title":"纽约股份公司就高息储蓄账户利率起诉第一资本","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COF":1,"AG":1},"content_text":"By Katherine Hamilton \n\n\n \n\n\n  Capital One was hit with a lawsuit from the New York Attorney General for how it sets rates on some of its savings accounts. \n\n\n  Attorney General Letitia James on Wednesday alleged Capital One kept interest rates artificially low for its 360 Savings accounts, despite touting one of the best rates in the country. \n\n\n  As interest rates began to rise in 2022, Capital One froze its 360 Savings rate at 0.3%, which was below the average interest rate, James claimed. \n\n\n  James also alleged the bank's 360 Performance Savings was nearly identical to 360 Savings, but offered a much higher rate, sometimes by as much as 14 times. The lawsuit claims Capital One did not advertise the account with better rates. \n\n\n  \"Capital One created a secret, two-tier system of savings accounts in which only new accounts received the high interest rates that Capital One advertised,\" James said. \n\n\n \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 14, 2025 12:09 ET (16:09 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2535077951","isCrawlerRequest":true}