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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.”

Yorkshire Building Society has launched a new version of its popular regular savings account to help people save for their Christmas spending. The Christmas Regular Saver pays a 5% interest rate, and people can invest up to £150 into the account per month.

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.

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.

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.

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 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.