But given that's not what you will pay on debts or receive on savings, what will that mean for you?
The good news is that in the hours since hte announcement, the UK's banks and building societies have set out how their customers will be affected following the rise in the Bank of England base rate from 0.25% to 0.5%.
This is what we know so far:
Yorkshire Building Society
The society said it will give a boost to its savers by adding the full bank rate increase of 0.25% to all variable rate accounts.
Borrowers on a Yorkshire, Chelsea or Norwich & Peterborough standard variable rate (SVR) mortgage will see their rate increase by 0.25% to 4.99%.
However, the group is reducing its Accord Mortgages SVR from 5.34% to 4.99%, meaning borrowers on its SVR will see a reduction in monthly repayments.
Mike Regnier, chief executive at Yorkshire Building Society, said: "It has been a tough few years for savers, so we're delighted to be able to pass on the full bank rate increase."
It will be unwinding changes made to interest rates on its variable rate savings, mortgage and base rate linked credit card accounts - putting customers back into the position they were at in August 2016 before the Bank of England reduced rates by 0.25%.
Interest rates on TSB's variable rate mortgage and base rate linked credit card accounts will increase by 0.25%.
Interest rates on variable rate savings accounts will increase by 0.15%. TSB said it previously protected savers from the full base rate decrease.
The bank's tracker mortgages will see an increase on Friday, in line with the base rate increase. Other mortgage and savings rates will be reviewed in line with the Bank of England's decision.
A statement from HSBC said: "As tracker mortgages are directly linked to the base rate, these will go up in line with base rate as of tomorrow.
"On average, those with an HSBC tracker mortgage with £100,000 balance would see a monthly increase of £12 per month and an increase of £24 for those with a £200,000 outstanding balance."
On savings accounts, HSBC said: "While our savings rates are not directly linked to the Bank of England base rate, we will be reviewing these in light of this decision and other factors, and will make our customers aware of changes in savings rates at the earliest opportunity."
Nationwide Building Society
Nationwide said earlier this week that, in the event of a 0.25% base rate rise, the society would be increasing savings rates by 0.25% for all members who received a reduction of 0.25% as a result of the bank rate reduction in August 2016, including the society's most popular products.
It said in the event of a bank rate rise, the society's base mortgage rate (BMR) and standard mortgage rate (SMR) products would increase.
It said these rates would remain competitive in the market at 2.5% and 3.99% respectively.
The Barclays Bank Base Rate and the Barclays Standard Variable Rate will both increase by 0.25%.
This will come into effect for customers with Barclays Bank Base Rate Tracker mortgages and customers on the Barclays Standard Variable Rate from December 1.
Barclays is currently reviewing its savings rates and will provide more information in due course.
Lloyds Banking Group
Rates on some Halifax and Lloyds variable rate mortgages will increase by 0.25% from December 1.
All customers who will see a change will be contacted to let them know what this means for them.
Details will also be available to customers via the bank's websites, through online banking or in branch.
The group's savings rates are currently under review, and any changes will be made in due course.
The Royal Bank of Scotland, NatWest and Ulster Bank North base rate has increased on Thursday from 0.25% to 0.5%, in line with the Bank of England base rate increase.
For those customers on base rate-linked products, it will increase their rate to 0.5%.
The bank said: "Existing customers with fixed-rate products will not see a change in their rate during their fixed-rate period.
"We are currently reviewing whether we will make any changes to variable-rate products and will provide an update in the near future."
The bank said it is reviewing the pricing of all of its variable rates and will communicate these to customers in line with their terms and conditions.
Santander said all tracker mortgage products linked to the base rate will move in line with the change. These new rates will be communicated to customers and used to calculate mortgage repayments from the start of December.
All loans to UK businesses linked to the base rate will move in line with the change and in accordance with the terms of the deal. New rates will become effective from December 1.
All savings products linked to the base rate will move in line with the increase from the start of December.
A Santander spokesman said: "When we review rates, we consider both the interest we charge for borrowing money, and the rate of interest we can offer on deposits.
"Following today's increase in the Bank of England base rate, we are reviewing our variable products, and any changes will be communicated to customers."
Skipton Building Society
The society will pass the base rate increase on in full for all of its on-sale savings accounts.
The changes will mean the rate on its cash Lifetime Isa will increase to 0.75%.
In addition it will move to having none of its on-sale and off-sale accounts paying less than 0.5%.
The society said it has no plans to increase its standard variable rate (SVR) or its mortgage variable rate (MVR) for mortgage customers.
The savings rate increases will be effective from December 5.
Skipton's head of products Kris Brewster said: "We are acutely aware of the impact the past decade has had on our saving members."
Coventry Building Society
It will apply the full 0.25% base rate rise to all variable rate savings accounts, with effect from December 1.
The society will also apply the base rate increase to applicable variable rate mortgages from December 1.