Amazon Prime is raising its subscription prices from the 15th of September, however, Martin Lewis has revealed a trick to keep the old subscription price for another year.
As the cost of living crisis continues we've seen prices in every sector increase. Online shopping platform Amazon is the latest brand to raise its prices. It has increased the cost of its subscription service Amazon Prime from a monthly rate of £7.99 to £8.99.
The subscription service has become essential in many households offering free next-day delivery - ideal when your best vacuum cleaner suddenly breaks down - and Amazon Prime Day deals, and access to Amazon video. Luckily, money-saving expert Martin Lewis has a tip to help put off the price increase by a year.
Martin Lewis Amazon Prime price increase tip
'Amazon Prime is hiking its membership costs. On 15 September, the monthly subscription in the UK will go up from £7.99 to £8.99; the annual cost will rise from £79 to £95,' Martin Lewis said, speaking in a post on his Instagram and TikTok channel.
'So, if you currently pay monthly and you want to keep it, then the best thing you can do – provided you can afford it – is to convert now to the annual package and then you lock in at £79 for the next year, forestalling the rise.
'If you're an annual payer it's more difficult – though if your subscription is due to renew in a few weeks after 15 September, you could cancel just before that and then get a new subscription at £79 before 15 September – again, forestalling that rise just for a little bit.'
@martinlewismse Amazon Prime is hiking prices - Quick MoneySaving tips to beat it. Feel free to share
♬ original sound - Martin Lewis
How much are Amazon Prime subscriptions increasing?
Nearly all Amazon Prime subscriptions are going up in price. The Monthly Amazon Prime subscription is increasing by £1, from £7.99 to £8.99 a month. The Monthly Amazon Prime student subscription will also be going up from £3.99 to £4.49 a month.
Annual Amazon Prime subscriptions will be going up by £16 from £79 to £95 a year. While the annual amazon prime student subscription will be increasing from £39.49 to £47.49 a year.
If you miss the deadline to take advantage of Martin Lewis' tip for stalling the increase you could still save money by switching from a monthly subscription to an annual one if you can afford the upfront payment. The new annual payment works out as equal to £7.92 a month, so you will be saving over £1 compared to the monthly subscription.
If you swear by Amazon Prime to get you out of tight spots with emergency cleaning supply deliveries or picking things up for a last-minute easy DIY project make sure you take note of Martin Lewis's Amazon Prime advice.
Every little saving counts at the moment.
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