Capital One is under fire for offering paltry savings account rates to current customers. Here’s what you need to know.

Capital One, the ninth largest bank in the US, marketed its 360 Savings account as having one of the highest annual percentage yields, the CFPB said in a statement Tuesday. However, after launching its 360 Performance Savings account in 2019, Capital One lowered and froze the account's savings APY, the CFPB said.

The Consumer Financial Protection Bureau alleged the bank misled some of its customers by not paying them the rate it advertises on its main savings account.