Brits take holidays to recover from hectic lifestyles

The summer break cannot arrive quick enough for millions of Brits who will use the break to relax and mentally recharge. New research by Cater Allen private bank found that 43 per cent of Britons said that they needed their holiday to maintain their mental well-being.

The great summer exodus currently underway is the highlight of the year for 17 per cent of Britons who said that they lived for their holidays and the further 21 per cent of people who said that they usually start planning their next holiday as soon as they return home. Britons seeking to relax are inclined to avoid our fellow countrymen, with 57 per cent saying they were seeking a destination off the British tourist trail.

It seems you can put a price on the 14 days most of us spend outside of the country and it is not cheap. Our rest and relaxation holidays will set us back an average of £1,650 which works out at £138 a day.

As a nation we are financially organised when it comes to our holidays, with 62 per cent of people saving for their trip and a further 23 per cent paying for most of their holiday out of their monthly salary. Just 15 per cent said would pay for most of their holiday on their credit card. Richard Dunn, Managing Director at Cater Allen, said: "The two week summer break has become an essential respite for hard working Britons. But the rising cost of living and the higher price of fuel for flights means that this summer we may have to pay that little bit more for our much need rest and rehabilitation time.

"With this in mind it is important to ensure that you are not paying unnecessary charges when you are using your card abroad. Cater Allen offers its international clients a multi-currency account which allows charge free transactions in the currency of transaction, and the potential to continue earning interest on your account."

Cater Allen's Private Bank accounts offer:

A choice of currency accounts in Euro, Dollar or Sterling
No charge on account transfers between a client's Cater Allen accounts
No charge on same currency cash transactions
No charge on same currency point of sale transactions
Multi-currency account

Cater Allen allows customers to hold currency accounts in Euros, Dollars or Sterling - with a minimum balance of just £5,000, €10,000 or $10,000. Transfers between the accounts do not incur any transaction fees.

Unlike most traditional private banks, Cater Allen offers more ‘inclusive' banking that requires a minimum cash deposit of just £5,000, but offers access to the superior service associated with a private bank.

For more information, visit caterallen.co.uk.