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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.

The bank misled its customers after promising a new savings account with a higher interest rate not already provided to existing accounts, regulators said.

Capital One Financial Corp. misled customers when it rolled out a new savings account with a higher interest rate it didn’t also give to existing savings accounts, the Consumer Financial Protection Bureau said Tuesday in a lawsuit against the bank.

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.”

The CFPB has filed a lawsuit against Capital One, alleging it misled consumers and caused over $2 billion in lost interest payments on 360 Savings accounts.

Capital One is being sued by the US government’s consumer watchdog agency for “cheating millions of consumers” and not paying more than $2 billion in interest to holders of its high-interest savings accounts.

Capital One promised very high interest rates on millions of savings accounts but the bank didn't deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.