A new lawsuit alleging that Capital One cheated savers out of larger yields is a wake-up call for people who want to wise up and get the most out of their deposits, experts say.

Capital One is defending itself from the CFPB's claims that it cheated customers out of billions of dollars in interest payments.

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking

If you had a savings account at Capital One between 2019 and mid-2024, you may have been misled into accepting a lower return on your deposits than the marketing suggested, according to a lawsuit filed Tuesday by the government's consumer watchdog agency.

The bank didn't give some existing customers the higher rates it was offering new customers, the agency alleged. The bank said it would fight the suit, which comes just days before the Trump administration takes over the regulator.

The CFPB is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts.

At a 0.5% APY, which Capital One offers on the original 360 Savings accounts, it produces even less. Some megabanks can offer savings accounts with rates as low as 0.01% or 0.02%, according to Bankrate. A mere 0.01% APY on $500 pays a nickel of interest.

The past couple of years have been great for the overall stock market, but there is a downside. When stock prices go up, dividend yields decline. Now, income-seeking investors need to look extra hard for reliable stocks that offer satisfying yields.

Investors received good news with lower inflation rates and potential deregulation, making bank stocks like GS, BK, C, and WFC attractive for 2025.

Orchid Island Capital attracts investors with a high yield but traps them with capital losses due to a declining share price, making it difficult to sell. Learn more on ORC stock here.

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