There are 2 parts to Weatherbys, the Private Bank and the Racing Bank. Weatherbys Private Bank offers banking services to private individuals, while Weatherbys Racing Bank provides racehorse owners and bloodstock industry professionals with bank accounts specifically designed for racing transactions.
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Whether you’re after an account from Weatherbys Private Bank or Weatherbys Racing Bank, here’s what you can choose from:
Weatherbys Private Bank
Weatherbys Private Bank current accounts can be operated online or via the mobile app. The accounts come with a debit card that can be used to make purchases in person or online, at home or abroad. There are no foreign transaction charges for using your card for withdrawing cash or making payments overseas. Your dedicated Private Banker and assistant will always be on hand to help you with any queries and you can operate accounts in most currencies.
The main account has a £75 monthly fee, but this is waived if you have a combined balance of more than £300,000 in borrowing, deposits or investments with Weatherbys. For more detailed information about the private accounts on offer, you will need to make an enquiry.
Weatherbys Racing Bank
Racing Account
This is a simple bank account for UK resident sole or joint racehorse owners looking to separate their racing finances from their day-to-day banking. The account offers 5 free racing transactions per month and a 10% discount on Weatherbys VAT Return Service. There is a £5 monthly account fee, and if you pay a further £10 a month, you’ll have access to the Racing Payment Service to help pay invoices.
Multi Owner account
This account is designed for groups of owners (such as syndicates, clubs and partnerships) who are looking for a simple bank account to help them keep track of their racing finances. Again, the account offers 5 free racing transactions per month and a 10% discount on Weatherbys VAT Return Service. The account has a £15 monthly fee, with charges for additional racing transactions. For an additional £10 a month you can also access the Racing Payment Service.
Racing Gold account
An account available to sole or joint owners, bloodstock professionals and companies, plus owners who live outside the UK. It offers a more personalised service with a dedicated relationship manager, a debit card and an optional overdraft facility. Additional benefits include 20% off the Weatherbys VAT Return Service, and full use of the Weatherbys Racing Payment Service. The account also offers 10 free racing transactions per month and has a £30 per month fee.
Benefits of opening an account with Weatherbys
Fee-free foreign transactions. There are no fees for using your debit card abroad with the Weatherbys Private Bank current accounts.
Personal service. Depending on the account, you may have a dedicated relationship manager or Private Banker who will provide you with a tailored service.
Exclusive benefits. All Racing accounts offer discounts on the Weatherbys VAT Return Service to help you reclaim VAT on many costs such as training fees and vet’s fees.
Banking on the go. You can manage your accounts online or via the banking app.
How to open an account
To open a Private Bank or Racing Bank current account you can fill in a form online, contact the bank by phone or you can visit one of its main banking offices in London, Wellingborough and Edinburgh.
To qualify, you’ll usually need an income of at least £300,000 a year or assets worth than £5 million.
Is Weatherbys safe?
Yes, Weatherbys is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Eligible deposits are protected up to £120,000 per person under the Financial Services Compensation Scheme. This means you’ll be able to get your money back if the bank ever went bust.
Pros and cons of Weatherbys
Pros
Fee-free foreign transactions abroad
Tailored customer service
FSCS protection
Exclusive benefits
Cons
Monthly account fees apply
No interest paid on account balances
Additional fee applies to Weatherbys Racing Payment service (unless you have the Racing Gold account)
Customer service information for Weatherbys
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
Weatherbys’ current accounts are tailored towards racehorse owners or those looking for a private bank. If that’s what you are after, the current accounts available certainly have a lot to offer. But if not, you’ll need to look elsewhere.
Frequently asked questions
Yes, Weatherbys is part of the Current Account Switch Service which offers the Current Account Switch Guarantee. This means your current account switch will be completed within 7 working days and if anything goes wrong, you’ll be refunded for any interest or charges made on either your new or old account.
Yes, you can use both Google Pay and Apple Pay.
You will be able to view account balances, make payments, view your transaction history, move money between accounts, request international and high value payments, upload and make payments in bulk, and use face ID, touch ID and fingerprint login.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time.
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