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Rachell Springall of Moneyfacts told the BBC: 'The link between the bank base rate and savings has been severed for years, most recently thanks to government lending initiatives, which has meant banks don't need savers' cash to fund their mortgage books as they used to.' Mr Carney has signalled more increases could follow as a decade of ultra-cheap lending after the financial crisis finally began to end.
The fact rates have not risen in 10 years means eight million Britons - many of whom have become first time buyers in the past decade - have not experienced a rate rise in their adult lives.
The pound fell against the euro and the dollar ahead of the decision, which had been widely predicted, and fell further after the announcement.
Speaking at the Bank to announce the rise, Mr Carney said the move to hike rates was driven by the need to bring inflation down to target.
The increase in rates is a major move by the Bank to try and peg back fast-rising inflation.
Prices have been outstripping wages as inflation hit 3 per cent, squeezing household incomes.
By contrast, almost all banks have said variable mortgages will see a rate rise in line with yesterday's announcement.
This puts the Bank in a tricky position at the moment.
The Monetary Policy Committee voted by 7 to 2 to raise base rate from 0.25 per cent to 0.5 per cent.
That reverses the emergency cut seen in August 2016, made after the Brexit vote. The most recent consumer prices index inflation figure was 3 per cent for September and the rise in the cost of living has been running above the target of 2 per cent for most of this year.
The rate rise will lift the cost of mortgages, but should spell some better news for savers.
What's important, however, is what happens next and whether interest rates continue to rise.