Bank Rate is 4%. Check variable rates.

Borrowing costs and savings returns may change after Bank Rate rose from 3.75% to 4% on 5 November.

A 0.25 percentage point change equals £125 a year for each £50,000 if the full move reaches the account. That calculation is a useful scale check. Your actual pound change depends on the balance, product terms, fees and the date a provider changes its rate.

Fixed-rate borrowing keeps its existing rate until the fixed period ends. Variable borrowing can move sooner, according to the contract. Savings providers set their own rates and timing. A product described as variable may track Bank Rate, use a different reference rate or change at the provider's discretion.

Take a look at every overdraft, loan, credit facility and savings account used by your business or charity. Record the current balance, interest rate, whether it is fixed or variable, the reference rate or review clause, fees, next statement date and renewal date. For a variable balance, multiply the balance by 0.0025 to see the annual effect of a quarter-point move before fees, tax or compounding.

Check the next statement or provider notice against your list. If the rate changes, calculate the annual pound cost or return using the actual new rate. This turns a headline percentage into a cash-flow figure you can compare with other operating costs and the timing of money due in.