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.

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.

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