If you're thinking of joining online TV and movie streaming service Netflix, sign up now as it's increasing the monthly membership price for new customers later today.

Netflix is upping prices for new customers by £1, taking the cost of its service – which enables users to watch TV shows and films on up to two different devices at the same time – from £5.99/month to £6.99/month following a 30-day free trial.

But existing customers' prices will remain the same for the next two years – so join now and you'll save £23 over the next two years once you factor in the free one-month trial.

The price change is happening in both the US and the UK, and Netflix says it can't confirm the exact time the new price will take effect, although it's expected to be around 4pm today.

So the sooner you act, the better the chance you'll have of being able to get the cheaper price.

Before signing up, remember that there are other online streaming services available which may better suit your needs. These include Now TV, Amazon Instant Video and BlinkBox. See our Watch Movies and TV Online guide for full details and how much they cost.

Why are prices rising?

Netflix, which launched in the UK in 2012, says it is increasing prices is so it can buy more films and TV programmes.

It told shareholders last month: "These changes will enable us to acquire more content and deliver an even better streaming service."

It currently has about 2,000 films and TV shows available to watch instantly including all five seasons of Breaking Bad and The Hunger Games films.

It's also be launching two new deals today:

  • A £5.99/month "standard" service, which doesn't offer high-definition viewing and is restricted to one device at a time.
  • A "super" service, where users can watch Netflix on four different devices at the same time, for £8.99/month.

I'm an existing customer. What are my options?

Your price will remain the same for the next two years. You can review your current plan in the "my account" section of the Netflix website and get more information by calling 0800 096 6380.

If you're not happy with your deal, you can leave at any time penalty-free.