Definition of “bank rate” - English Dictionary

“bank rate” in British English

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bank ratenoun [ C ]

uk /ˈbæŋk ˌreɪt/ us /ˈbæŋk ˌreɪt/

the rate of interest set by a central bank in a country that is the lowest rate at which it lends money to other banks. This rate affects the interest rates that are then charged to customers by the banks.

the amount of interest that a bank charges when it lends money

(Definition of “bank rate” from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

“bank rate” in Business English

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bank ratenoun [ C ]

uk us BANKING, FINANCE

the rate of interest that is set by a central bank, and which is the lowest rate at which it lends money to other banks. This rate affects the interest rates which are then charged to customers by the banks:

Most people agreed that the bank rate would remain at 0.5% at least for the next 12 months.
See also

the amount of interest that a bank charges:

Falling bank rates have made interest-earning assets less attractive.

(Definition of “bank rate” from the Cambridge Business English Dictionary © Cambridge University Press)