New York Attorney General Letitia James today sued Capital One N.A. and Capital One Financial Corporation (Capital One) for cheating its online savings account customers out of millions of dollars in interest payments. The lawsuit alleges that Capital One marketed its “360 Savings” accounts as “high interest” accounts with “one of the nation’s best savings rates” that would earn its customers more than an average savings account. In reality, while interest rates rose nationwide, Capital One kept the interest rates for its 360 Savings accounts artificially low. Instead, Capital One created “360 Performance Savings,” a nearly identical type of savings account that provided much higher interest rates than 360 Savings – at one point, more than 14 times higher. Capital One intentionally misled its 360 Savings customers about the existence of its 360 Performance Savings product to avoid paying them millions of dollars in interest. With this lawsuit, Attorney General James seeks to hold Capital One accountable and provide restitution to consumers who were cheated out of the interest they thought they were earning. “New York families work hard to save money for their futures, and they deserve every dollar of interest they are promised,” said Attorney General James. “Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice. Big banks are not allowed to cheat their customers with false advertising and misleading promises. I will always fight to protect New Yorkers’ wallets and prevent banks from ripping off consumers to boost their own bottom lines.”