Netflix to hike prices by up to £24 a year for some – here's what's happening

Netflix subscribers on its basic and premium plans will see costs rise by up to £24 a year as the streaming service has announced a new round of price hikes.

We explain what you need to know below. You can also read our Best streaming services guide for full info on how to stream as cheaply as possible.

Both new and existing Netflix subscribers are affected

The new prices came into effect for newbies from yesterday (Wednesday 18 October).

If you're an existing member, you'll be given 30 days' notice by email before the change takes effect – so it's worth making sure your registered email address is up to date. You can do this by signing into your account via a web browser and heading to your account page.

Netflix is only raising prices on its basic and premium plans

Here's what's changing:

• The basic plan, which is no longer available to newbies, is rising by £1 a month to £7.99a month (a 14% or £12 a year increase).

• The premium plan is rising by £2 a month to £17.99a month (a 13% or £24 a year increase).

However, the cost of both standard plans is staying the same for now:

• The standard with adverts plan will stay at £4.99.

• The standard plan (without adverts) will stay at £10.99.

Netflix also increased prices last year, with all customers at the time seeing hikes of between 10% and 16%. Meanwhile, earlier this year, Netflix launched a crackdown on password sharing and began charging users at least an extra £4.99 a month to share their accounts with friends or family who don't live with them.

Netflix's plans compared

If your Netflix subscription is costing too much, consider switching

You can cancel your Netflix subscription at any time without paying any fees, so if the price of your subscription is rising and you don't want to pay any more, make sure you cancel before your next billing date.

Log in and select 'Cancel Membership' in the membership and billing section. You'll be able to carry on using your account until the next billing date.

For other ways to watch TV online, including options that are free or cheaper than Netflix, see our Watch movies & TV online guide.

Sticking with Netflix? Check if you can cut costs

If you want to keep your Netflix subscription, it's worth checking whether you can cut costs.

• Consider switching to a cheaper subscription. If you're paying for premium and you don't stream on four screens or download on six devices, it may be worth switching to a standard plan to save £7 a month. See our table above for what each plan offers.

• Share an account with a friend or family member that lives with you. The standard Netflix plan without adverts lets you watch on two screens at once – and you don't have to be watching the same thing. Getting one subscription and splitting the cost with someone else means that you'll both only pay £5.50 a month for ad-free, HD streaming.

  If you live with two or three others who use Netflix, you can save even more by splitting the premium plan – now £17.99 a month – and paying £6 a month or £4.50 a month each. You'll be able to watch in ultra HD, too.

For more ways to save on your subscription, see our 18 Netflix hacks.