Topical Terminology > Ear (Equivalent Annual Rate)
1 Definition
EAR (Equivalent Annual Rate)
For EAR (Equivalent Annual Rate) we have a term and definition in Banking.
Ear (Equivalent Annual Rate) (Banking) 
For overdrafts, we quote an Equivalent Annual Rate (EAR) so that you can compare rates across institutions. This rate shows the effect of interest accruing on interest in a situation where no repayments to the borrowing are made in a year. The calculation does not include fees - these charges are quoted separately.
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