Consumer complaint received 2024-02-17 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: CAPITAL ONE FINANCIAL CORPORATION
State: TX

Complaint narrative:
To whoever may be able to help : My husband, XXXX XXXX, and I ( XXXX XXXX ), found a high interest savings account online in XX/XX/XXXX with Capital One. We called and spoke to a representative who told us the 360 Money Market Savings account is what we wanted. He said the interest would vary based on the market but was the highest available. It's an online account. 
I sign in and look at it from time to time. The sign in screen gives me the balance and recent interest and transactions, not the interest rate. I didn't think I had a reason to look at the statements. I also occasionally XXXX high interest savings accounts. Capital One is usually one that comes up and their interest is pretty close to the highest so I have never switched it. 

In XX/XX/XXXX, I computing the interest myself and then realized we were not getting anywhere near the 4.35 % that shows on their website as the high interest savings. I called and found it hard to believe what I was being told which was : We don't have the high interest savings account that we had opened in XXXX. 
For some ( unexplainable ) reason Capital One invented a new high interest savings account Called Capital One 360 Performance Savings The saving account I opened is the Capital One 360 Money Market account and no longer shows up on their website. They left me, along with who knows how many others, in the Capital One 360 MM Savings account. They discontinued paying the high interest on that account and started paying the higher interest on their new product. We werent notified of the change. The names are so similar, I just assumed the only high interest savings account shown on their website, was the one I had. 
We have had between {$40000.00} and {$70000.00} in this account. It is our emergency fund. 
In XXXX we lost {$2000.00} in interest. Im unable to compute the loss from XXXX. 

So far, COF representatives have offered no solution other than to open the 360 Performance Savings and transfer my money to it. They seem to think I should verify regularly what I was told when I opened the High Interest Savings Account to make sure they did not make this change. They have told me that I could have looked up their rates online at any time and that my statements have the interest rate on them. I have told them it never occurred to me that a bank their size would put something like that over on their customers. I no longer want to bank with them, which is an easy fix. I ALSO WANT ALL THE PEOPLE STILL IN WHAT THEY THINK IS THE HIGH INTEREST SAVINGS TO KNOW IT IS NOT. 
Now tell me, why would Capital One create a new high interest saving account with all the same rules as the one I opened, name it very similarly, and not show the old account as an option on their website unless they wanted to deceive us and save themselves some money? 
Its disgusting banks are allowed to do this. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX TX XXXX XXXX, TX XXXX

Company response to consumer: Closed with explanation