What does EAR/APR stand for?

EAR (Effective Annual Rate) means the annual cost of the overdraft taking into account that interest is charged to the account monthly.

APR (Annual Percentage Rate) means the annual cost of the overdraft taking into account that interest is charged monthly and any additional fees.

APR is calculated in the same way as EAR plus any additional fees, but we don’t charge these, so our EAR and APR are the same.

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