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.

Despite its relatively low interest rate, the CFPB alleged, the 360 Savings account was advertised as a high-interest savings account.

The CFPB said Capital One lowered and froze its 360 Savings account’s APY to 0.30 percent from late 2019 to mid-2024, while it increased the new 360 Performance Savings account’s APY from 0.40 percent to 4.25 percent between April 2022 and January 2024.