Banks outline what the base rate increase will mean for their products
Banks and building societies have been outlining how they plan to apply the base rate increase from 0.5% to 0.75%.
While deals directly tied to the base rate will change, several providers have said they are still mulling over how they plan to apply the base rate increase to other products - leaving many savers holding their breath.
Here is what providers have said so far:
RBS - The Royal Bank of Scotland, NatWest and Ulster Bank North base rate has also increased from 0.5% to 0.75%. For those customers on base rate-linked products, it will increase their rate to 0.75%.
Around two thirds of its mortgage customers are currently on fixed-rate products and so will not see their rate change during their fixed-rate period.
RBS said it is reviewing whether it will make any changes to variable rate products "and will provide an update in the near future".
Lloyds Banking Group (includes Halifax) - All products that track the Bank of England base rate will be increased by 0.25% from September.
Lloyds said: "The 0.25% Bank of England base rate increase will form part of the ongoing rate reviews across our product ranges."
Santander - It is reviewing the pricing of all of its variable rates that are not linked to the base rate.
All tracker mortgage products linked to the base rate, including Santander's follow-on 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 September.
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.
All savings products linked to the base rate will move in line with the increase from the end of August.
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."
HSBC - Tracker mortgages will go up on Friday in line with the base rate. Other mortgage rates and savings will be reviewed in light of the Bank of England's decision.
A spokesman for HSBC UK 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."
He said: "Tracker mortgage customers who wish to get a bespoke idea of what a rate rise means for their individual circumstances should click on our interest rate change calculator.
"We will be reviewing other variable rate mortgages, including our standard variable rate, following this decision, and we will communicate to those customers impacted, with notice given in line with their mortgage terms and conditions."
Nationwide Building Society - Nationwide said it is working through what this may mean for its savings, mortgage and banking members and it will be communicating any changes in due course.
Yorkshire Building Society - A spokeswoman for the Yorkshire said: "We will take time to consider how to adjust our variable rate mortgage and saving accounts.
"As a mutual which is owned by its members, it is our priority to deliver highly competitive and sustainable rates for both our savers and borrowers."