The committee also decided not to add to its monetary stimulus programme of quantitative easing (QE), under which it has already made £375bn of bond purchases between March 2009 and October 2012.
Unemployment in the UK stands at 7.6%, according to the Office for National Statistics, while inflation, as measured by the consumer prices index, fell to 2.2% in October.
The Bank of England has said it expects to see growth of 0.9% in the fourth quarter.
At the same time, business surveys and housing market indicators have reinforced the picture of improving economic conditions.
But the minutes said household spending was still under pressure and the UK could be vulnerable to instability in the eurozone.
"The UK economy remained vulnerable to disorderly adjustment in the euro area and some emerging economies," the minutes said.
David Kern, chief economist at the British Chambers of Commerce, said: "Businesses will be pleased with the unanimous decision to keep rates on hold, as well as the reiteration that reaching the 7% unemployment threshold will not automatically trigger a rate increase.
But he added: "The MPC's forecast for unemployment is optimistic, and while we expect growth to strengthen over the next few years, it is unlikely to be as rapid as the MPC expects.