Racing Accounts

Every registered racehorse owner is required to have a racing account under the Rules of Racing. This racing account enables the BHA to pay prize-money securely and allows for the automatic payment of entry fees, jockey fees and registration fees.

There are two types of accounting facility that racehorse owners can choose from:

  • BHA Account: Owners with a BHA account can operate their racing accounting facilities without incurring any charges. It is effectively an invoice account which is settled by direct debit on the 15th day of the month. The table below refers to withdrawals and signposts to the specific timetable used for the settlement of prize-money. 
  • Weatherbys Bank Account: A Weatherbys Bank account has the flexibility of a normal bank account, including online banking. There are monthly account management fees and racing transaction fees apply.

The charges below apply to new accounts from June 28, 2021. Existing accounts will be transferred to the corresponding tariff in 2022 and all partnerships and syndicates will need to switch to the Multi Owner Account. The following table sets out a comparison of the two accounts.

 

BHA Account

Weatherbys Account

Features

This is a simple monthly invoice arrangement.


It allows your racing transactions and refunds from HMRC to be debited and credited (entry fees, jockey fees, prize-money, gallop fees and ROA membership).


It cannot extend to your payment of training fees

A Weatherbys Bank account combines racing transactions (entry fees, jockey fees, prize-money, ROA membership etc) with the features of a normal bank account. There are three types of bank account:

  • Racing Account – simple bank account owners can use to keep their racing finances separate from their day-to-day banking.
  • Multi Owner Account – for all syndicates, racing clubs and partnerships. Allows partners and managers the ability to run all the owners’ shared racing-related transactions through one bank account.
  • Racing Gold Account – for sole or joint owners, bloodstock professionals and companies and also owners who reside outside of the UK. More personalised service with dedicated relationship manager and wider range of services and benefits. Debit card, one or more accounts under same name.

Payments

You will receive an invoice at the beginning of each month.

The balance will be requested by Direct Debit on the 15th day of that month.

If sufficient funds are not available at the time of the monthly Direct Debit an overdue account fee will be charged.

If the account is not settled on a subsequent Direct Debit request, further charges may be incurred and impact your ownership activities related to the account.

You will receive a bank statement at the beginning of each month or you can access your statements online at any time.

If your account is overdrawn this can be settled via cheque, bank transfer or card payment. You can also view your accounts via the Weatherbys Mobile Banking App.
If you have received prize-money you will be able to access it as soon as it has cleared on your account 15 days after the race date.

You can use funds on your account to settle third party invoices.

Withdrawals

The British Horseracing Authority arrangement does not currently allow requested withdrawal of funds nor the retention of credit funds at month end.

Instead, if you are in credit at the end of the month, the full credit balance will be sent to your nominated account by Direct Credit at the beginning of the following month.

You can access your funds in a variety of ways including auto payments, online anking and telephone banking (please refer to account type for operating arrangements).

Interest

No interest is payable on funds.

Weatherbys Bank may pay interest on credit balances at the prevailing rates.

Transaction Charges

None
 

Overdue account charges may be incurred: £19.80
and £50.16.

Racing Account monthly fee: £5. First five racing transaction charges per month at no fee, thereafter 65p per transaction.

Multi Owner Account monthly fee: £15. First five racing transaction charges per month at no fee, thereafter 65p per transaction.

Racing Gold Account monthly fee: £30. First 10 racing transaction charges at no fee, then 45p per transaction. Debit card: no fees for overseas transactions.

Weatherbys Racing Payment Service: £10 per month for non-Racing Gold Account holders. Overseas racing transactions are charged at a commission rate of 0.5% (minimum fee £10).

Online banking transactions are free

Other Services

 

More on the range of banking services offered by Weatherbys Racing Bank and relevant fee information can be found at Weatherbys or by emailing bank@weatherbysbank or calling 01933 543543.