Consumer Travel Spending Heats Up, Ally Bank Survey Reveals

Easy-to-access banking services offer fee-free and worry-free travel

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May 19, 2011, 09:00 ET

MIDVALE, Utah, May 19, 2011 /PRNewswire/ -- With the warmer months around the corner, consumers are beginning to organize their wallets to plan for summer activities. And, travel and vacationing top most Americans' lists, according to a recent survey conducted by Ally Bank, with 26 percent of respondents indicating this is where they will spend the most money this summer.

"With so many Americans hitting the road this summer, easy access to vacation money is important," said Deposits and Product Innovation Executive Diane Morais. "When traveling it's helpful to have your funds at your fingertips and not have to pay fees to access it. At Ally Bank, we reimburse ATM fees nationwide, customers can access their account and perform all transactions online or by phone and reach live customer service 24/7."

While Americans agree on one thing—travel is a priority—many (22 percent) are still considering "staycationing" or picking a local spot for their summer getaway. Data also shows that most Americans are keeping costs low with 37 percent of respondents planning to spend less than $500 and another 33 percent expecting to spend between $500 and $2,000 for summer travel.

"It's never too late to start stashing away vacations funds. One way to do so is to take advantage of low or no-fee checking, savings and short-term CD options like we offer at Ally Bank," said Morais. "Savers can create completely separate accounts for their travel needs and better budget and manage their travel costs without dipping into other savings plans or going into debt."

While cash will be the most popular form of payment, respondents with higher ranging incomes are more likely to have special accounts dedicated to summer travel. Twenty percent of those who make between $75,000 and $100,000 and 15 percent of those making more than $100,000 indicate they will use these special accounts to travel.

Other findings:

Planes, trains or automobiles: Most (53 percent) Americans plan to take their trips by car and 16 percent will board a plane to get away this summer. Only three percent will set sail on a cruise. Vacationers who live in metro areas (21 percent) are much more likely to travel by plane than those in non-metro areas (five percent).
Expenses, expenses, expenses: Thirty-one percent of respondents believe that transportation will cost the most and 29 percent expect accommodations will be the most expensive part of their vacation expenses.
Coastal influence: Respondents on the coasts (39 percent of east coast respondents and 46 percent of west coast respondents) indicate they take between two and four vacations a year.
Battle of the sexes: More women (30 percent versus 22 percent of men) indicate they will spend the most money on travel and vacationing this summer.
Age differences: Respondents in the youngest age bracket—the same group that plans to spend the least on summer travel to begin with (42 percent of those between 18 and 34 years will spend less than $500 on summer travel) —are also those who plan to spend the most (28 percent and a majority) on entertainment and leisure activities during their vacation.

Editor's Note

A telephone survey was conducted by Opinion Research Corporation among a national probability sample of 1,011 adults comprising 505 men and 506 women 18 years of age and older, living in private households throughout the continental United States. Interviewing was completed during the period of April 1 to 4, 2011. The margin of error for the survey was +/- 2 percent.

About Ally Bank

Ally Bank is a direct bank in the U.S. that offers a straightforward approach with no minimum deposits, no monthly fees and 24/7 live customer service. A subsidiary of Ally Financial Inc., the bank offers online savings, interest checking, money market accounts and certificates of deposit with terms ranging from three months to five years. Follow us on Twitter @allybank or at facebook.com/allybank. Member FDIC.

Contact:
Beth Coggins
[email protected]
313-656-6964.

SOURCE Ally Financial