Last chance to beat the Amazon Prime price rise

The price of an Amazon Prime subscription is going up. Here's how you can reduce the cost.

Amazon Prime
Amazon Prime annual membership will rise to £95
(Image credit: © STEFANI REYNOLDS/AFP via Getty Images)

The price of an Amazon Prime subscription is going up tonight.

On 15 September, the tech giant is raising prices in the UK for the first time since 2014. It has blamed inflation for the increase.

The price of an Amazon Prime monthly subscription will go up by £1 from £7.99 to £8.99.

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That’s an extra £12 a year subscribers will have to pay to get access to the Prime package, which includes free delivery, TV streaming, music services and other add-ons.

Users who want to save a bit of money can switch from a monthly subscription to an annual charge.

The Amazon Prime annual membership fee is going to rise to £95, adding £16 onto the current price. However, on a monthly basis, this equates to £7.92 per month.

That’s roughly £1.07p cheaper than paying the new monthly cost.

If you want to get out of the way of this price rise, Amazon has said that the new pricing regime will begin from 15 September, or at your next membership renewal date.

So, users will need to take action quickly if they are not willing to pay the extra cost.

How to reduce the cost of Amazon Prime membership

One option is to switch to an annual plan which, as covered above, will save you some money.

Cancelling your membership is also an option, although users will have to cancel before the deadline tonight.

And if you don’t want to cancel, but don’t want to pay the extra, there are a couple of ways you can lower the cost.

By switching to an annual payment before 15 September you can lock in the lower annual price until 2023.

Students can also take full advantage of the student membership Amazon Prime offer, which reduces the monthly subscription to £4.49.

Family members can share one account with a household. Up to two adults and four teenagers can all use the same family account.

And if you are a Vodafone customer, you might be eligible to receive Amazon Prime as part of your entertainment plan.

Rupert Hargreaves

Rupert is the former Deputy Digital Editor of MoneyWeek. He's an active investor and has always been fascinated by the world of business and investing. 

His style has been heavily influenced by US investors Warren Buffett and Philip Carret. He is always looking for high-quality growth opportunities trading at a reasonable price, preferring cash generative businesses with strong balance sheets over blue-sky growth stocks. 

Rupert has freelanced as a financial journalist for 10 years, writing for several UK and international publications aimed at a range of readers, from the first timer to experienced high net wealth individuals and fund managers. During this time he had developed a deep understanding of the financial markets and the factors that influence them. 

He has written for the Motley Fool, Gurufocus and ValueWalk among others. Rupert has also founded and managed several businesses, including New York-based hedge fund newsletter, Hidden Value Stocks, written over 20 ebooks and appeared as an expert commentator on the BBC World Service. 

He has achieved the CFA UK Certificate in Investment Management, Chartered Institute for Securities & Investment Investment Advice Diploma and Chartered Institute for Securities & Investment Private Client Investment Advice & Management (PCIAM) qualification.