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

Capital One, the ninth largest bank in the US, marketed its 360 Savings account as having one of the highest annual percentage yields, the CFPB said in a statement Tuesday. However, after launching its 360 Performance Savings account in 2019, Capital One lowered and froze the account's savings APY, the CFPB said.