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.

In response, Capital One said that it strongly disagreed with the CFPB’s allegations and plans to “vigorously defend” itself in court. The banking giant added that it was “deeply disappointed to see the CFPB continue its recent pattern of filing eleventh-hour lawsuits ahead of a change in administration.”