A current account is an account which is used for everyday banking. It allows you to deposit money in a bank and withdraw it when required.

We at PensionCalculator.org have looked at all the banks and provided a clear reference table showing the top five current accounts (with overdraft) in terms of EAR.
For personal convenience, money can be deposited or withdrawn from an account by many different methods. An account’s overdraft is a service which allows you to ‘borrow’ money when there is none in your account. Some accounts will provide a free overdraft but only up to a certain amount. In other cases, there is a charge whenever the overdraft service is used.

We strongly advise that you have a look at the terms and conditions before you get an account. All these accounts have different terms and conditions, so it is important you know the arrangement exactly before accepting.
EAR, or Equivalent Annual Rate, is quoted when money is borrowed, in the form of an overdraft. EAR suggests how much it will cost you if you remain overdrawn for a whole year.
Put simply, a lower EAR means that taking out an overdraft will not cost as much in the long term. As always, you should be fully aware of a Bank’s terms and conditions before using any overdraft service.
EAR calculations take into account:
-The rate of interest being charged
-The frequency of interest being charged
-The effect of compounding interest over the year