The unthinkable has happened. Peacock (my favorite streaming service) has increased its prices — and it's the biggest price hike to date.It feels like déjà vu, doesn't it? In July 2024, Peacock's second ever price hike took effect ahead of the summer Olympics, much to the dismay of subscribers. Just a little over a year later, here we are again. This time around, Peacock Premium (the ad-supported tier) has made the jump from $7.99 to $10.99 per month, while the Premium Plus (ad-free) tier went from $13.99 to $16.99 per month. Annual subscription prices also made a massive leap from $79.99 per year to $109.99 per year with ads and from $139.99 to $169.99 per year without.The newest pricing officially makes Peacock's ad-supported and ad-free tiers more expensive than Netflix, Disney+, HBO Max, and Paramount+. Yikes. Credit: Peacock When do the new prices go into effect?Peacock's new pricing officially took effect on Wednesday, July 23 for new subscribers. If you're an existing subscriber, however, you won't be charged the new prices until after Aug. 22, depending on your bill date. If you signed up for a promotional offer before July 23, that pricing will be valid through the end of the promo period. You'll be charged the new prices once the promo period ends. If you wish to cancel, just click on your profile icon, then account, and under "plans & payment" you'll see options to change or cancel your plan.A new and cheaper "Select" tier is being testedPeacock is launching a new cheaper option dubbed the "Select" tier. It will cost $7.99 per month or $79.99 annually, which is the same as its ad-supported plan was priced before the recent price hike. The streamer is just beginning to test the Select plan, but if it proves to be popular, it will be the cheapest way to subscribe to Peacock.Existing subscribers can switch to the Select tier by visiting the "plans & payment" tab in your account and selecting the "change plan" option. The Select tier will not include access to movies, Peacock Originals, sports and live events, or your local NBC channel. The following content will be available on the Select Tier:NBC Current Season and Library (e.g. the Law & Order series, the Chicago series, The Office, etc.)  Bravo Current Season and Library (e.g. The Real Housewives series, Below Deck, etc.)  Other TV Library (e.g. Days of Our Lives, Yellowstone, El Señor de los Cielos, etc.)  Select Channels (e.g. The Office Channel, NBC News Now Channel, etc.) How to save on a Peacock subscriptionAs prices continue rising, we're all seeking ways to save on streaming services. Fortunately, Peacock is one of the only streamers that offers regular discounts throughout the year. Plus, there are several ways to score a subscription on any given day for a discounted rate: student discounts, military discounts, first responders discounts, third-party discounts, and more. The best Peacock deals at a glance: Best for students Peacock Premium for Students $2.99 per month for 12 months (save $96) Best for military personnel Peacock Premium for Military $3.99 per month (save $7 per month) Best for first responders and medical staff Peacock Premium for Medical Professionals and First Responders $3.99 per month (save $7 per month) Best for teachers Peacock Premium for Teachers $3.99 per month for 12 months (save $84) Best way to watch for free Peacock Premium annual subscription Free for Instacart+ subscribers (save $109.99 per year) Best for JetBlue customers Peacock Premium Free for one year for JetBlue TrueBlue Mosaic status members (save $109.99 per year) Best bundle deal Xfinity StreamSaver (Apple TV+, Peacock, and Netflix) $15 per month with Xfinity Internet or TV Best for Mastercard users Peacock Premium or Premium Plus Get $3 or $5 cashback per month with World or World Elite Mastercard