Capital One eventually stopped offering its 360 Savings account to new customers.
The CFPB is seeking fines and restitution from Capital One in the suit.
The bank said its 360 Performance Savings account was widely marketed with simple and transparent terms.
High-yield savings accounts offervariable APYs, which means they fluctuate based on the economy and other factors.
you could find your savings account’s APY on your bank statement or by visiting your online account.
Capital One’s 360 Performance Savings account currently offers 3.80% APY, on par with competitors’interest-earning savings accounts.
Some online banks and credit unions are still offering high-yield savings account APYs above 4%.
