This is where measures such as the annual equivalent rates (AER) and annual percentage rate (APR) come in handy. These are calculated in the same way across providers. If you are trying to compare accounts, look for these, rather than the headline rate.
Annual percentage rate (APR)
An APR is used as a measure of how much it costs to borrow money and is quoted by mortgage lenders and companies offering personal loans and credit cards. The APR includes any upfront fees charged by the lender, spread over the period for which you are borrowing the money.
The APR tells you how much your borrowing will cost over the course of a year, as a proportion of the amount you have borrowed. So if you are borrowing
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