Defined as a 3° per second turn, which completes a 360° turn in 2 minutes. This is known as a 2-minute turn. Fast airplanes, or aircraft on certain precision approaches, use a half standard rate (“rate half” in some countries) but the definition of standard rate does not change.
This is just something to consider when flying in the pattern. When our rate of bank is so great that we endup on the inside of another a/c already in the pattern or on a downwind we effectively make ATC’s job that much harder.
Additionally, it provides you with enough distance from the runway to make a comfortable approach.