EAR is short for equivalent annual rate, which is the interest rate you are charged if you go overdrawn on your current account.
EAR is a representative interest rate that shows the rate you would pay if you remained overdrawn for a year. It is determined by:
Bear in mind that the equivalent annual rate doesn't take into account any overdraft fees, which, if you go over your agreed overdraft limit, and into unarranged overdraft, you are also likely to be charged.
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.