Consumer complaint received 2025-01-18 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: CAPITAL ONE FINANCIAL CORPORATION
State: AP

Complaint narrative:
I have been a loyal customer of Capital One 360 since XXXX ( back when it was called XXXX XXXXt ). I have told others about how they have higher than standard bank APY and its convenient use. I have multiple savings accounts for certain goals, a Capital One 360 debit card and a Capital One Venture card and have had those for over a decade as well. I offer this as a show of my loyalty to the brand. 
There was a promotion in XX/XX/XXXX on its " paycheck percentage transfer, '' which I took advantage of as I was trying to increase and automate more of my savings. However, given that I was watching the news about interest rates, I noticed that I was still making only cents a month, which didn't seem to add up. I had thought for some reason my accounts had been converted to all debit accounts with such a low rate, but noticed it was not that. I could only assume that Capital One was lying about its high interest rates and immediately began moving most of my savings to another bank in XX/XX/XXXX. I did not know this appears to have been a larger scheme by the company to punish longstanding customers by continuing to claim they had high-interest rates but not saying it was for a different type of savings account that had not previously existed. 
I feel take advantage of by a company I had been loyal to who was not advertising their higher performance savings accounts to current savings holder and withheld interest from me over the course of years. It appears that across my several different savings accounts, they all had differing interest rates within about XXXX % of one another, for reasons I'm unsure of ( except that occasionally one account has less funds in it ; am I then punished for that in my lower interest rate? ). I feel like because I have less money at any given time in my savings account, I was punished by Capital One and didn't notice because the general interest was so low to be mere cents. I don't have any letters or statements from Capital One explaining why it knocked my interest rate so low despite the national average. I thought I was in their performance savings account, as I had been for decades and no such other savings account existed. Capital One just hoped people wouldn't check their interest rates and people like me fell for it. These are deceptive practices and Capital One 360 should pay for it. 
Interest Rates from the Years in Capital One in three savings accounts : XX/XX/XXXX - .29 % / .30 % / .36 % XX/XX/XXXX - 0.0 % ( no money in account ) / .30 % / .26 % XX/XX/XXXX - .32 % / .29 % / .23 % XX/XX/XXXX - .24 % / 0 % ( no money in account ) / .29 % XX/XX/XXXX - 0 % ( no money in account ) / 0 % ( no money in account ) XXXX % XX/XX/XXXX XXXX % / 0 % / .34 % XX/XX/XXXX - .51 % / 0 % / .56 % XX/XX/XXXX - .58 % / 0 % / 0 % XX/XX/XXXX - 1.01 % / 0 % / 0 % XX/XX/XXXX - 1 % / 0 % / 0 % ( based on research, this appears on par with the national average of the time )

Company response to consumer: Closed with explanation