The Consumer Financial Protection Bureau announced Tuesday that it is filing a lawsuit Capital one for misleading consumers about their savings account interest rates and “cheating” them out of more than $2 billion in interest.

The agency said in a statement that Capital One deceived holders of its “360 Savings” account by confusing it with its newer and higher-yielding savings account option, the “360 Performance Savings” account. The bank allegedly failed to inform 360 Savings account holders about the newer option and marketed the two products in a similar manner, giving customers the impression that they were the same thing.

However, according to the CFPB, the interest rates of the two options differed significantly. Capital One raised the 360 ​​Performance Savings interest rate from 0.4% in April 2022 to 4.35% in January 2024, lowered the 360 ​​Performance Savings interest rate and then froze it at 0.3% between late 2019 and mid-2024, according to the report the agency.

Despite its relatively low interest rate, the CFPB alleged, the 360 ​​Savings account was promoted as a high-interest savings account. The office said Capital One aimed to keep 360 Savings users in the dark about the higher-return option by replacing all references to the account with the eponymous 360 Performance Savings option on its website and account holders of Excludes marketing campaigns that promote the higher return option account and prohibits employees from informing account holders about the 360 ​​Performance Savings option.

“The CFPB is suing Capital One for defrauding families out of billions of dollars in their savings accounts,” CFPB Director Rohit Chopra said in a press release. “Banks shouldn’t lure people with promises they can’t keep.”

In a statement, Capital One denied the allegations and said it marketed its 360 Performance Savings account transparently.

“We are deeply disappointed that the CFPB is continuing its past practice of filing lawsuits ahead of a last-minute change in government. We strongly disagree with their allegations and will defend ourselves vigorously in court,” the company said in a statement.

The bank added that the 360 ​​Performance Savings product “was widely marketed, including on national television, with the simplest and most transparent terms and conditions in the industry.”