Federal regulators said in a lawsuit on Tuesday that the giant bank deliberately underpaid savings account interest, even as rates rose.

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.

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

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.

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

As part of an ongoing effort to combat “junk fees” charged by banking institutions, the Consumer Financial Protection Bureau (CFPB) has issued a ruling that could save American consumers up to $5 billion per year—that’s approximately $200 per household.

The Consumer Financial Protection Bureau is suing Capital One for allegedly misleading customers about its high-yield savings account options and cheating them out of close to $2 billion in interest.