With the half-term break about to begin, more than a third of parents (36%) have admitted taking their children on holiday during school time in order to save money.
Since September 2013, parents doing so have faced a potential fine of up to £60 per child for disrupting their education.
However, the cost of going away in the school holidays is so much more expensive that parents who do risk a fine save an average of £237.10 per person, according to Halifax.
It highlighted that a week-long summer stay at a four-star family-friendly hotel in Grand Canaria would cost £629 per person in the week beginning 13 July (a week before the schools break up). This jumps to £820 each for the week beginning 27 July, a whopping rise of 33%.
More than a quarter of parents with children aged between five and 16, admitted they had to take their children on holiday outside of the summer holidays because it was too expensive otherwise.
A further 28% said holidays were so expensive whatever the time of year that they couldn't take their children on holiday at all.
Overall, more than half of parents (56%) said the introduction of the new school fines made no difference to their decision when to take their holiday and only 14% of parents who had taken their children away during term time returned to a fine.
One in five (20%) of parents who have never taken their children outside of school during term time said they would consider it in the future.
Jon Roberts of Halifax credit cards said: "With parents paying an ever increasing premium to take a holiday with their children outside of term time, it is always worth thinking about where else you can make savings when planning a family break.
"Ensuring you get the best possible exchange rate is one way to keep costs down, as well as choosing a holiday destination where the pound is strong against the local currency."