Consumer bureau sues Capital One for ‘cheating’ customers on savings account interest

The government’s consumer watchdog on Tuesday sued Capital One for alleging “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking giant of freezing interest rates for its 360 Savings account at low levels as rates rose, despite promising the nation’s “best” and “highest” interest rates. In 2019, Capital One created a separate “360 Performance Savings” account that paid significantly more interest than the 360 Savings. But Capital One obscured the new product to prevent customers from switching, the CFPB alleged, costing consumers...