As most of us at enConnected can attest to, subscription services can get pretty costly overtime. So what is a penny-pincher supposed to do to save on Netflix’s monthly video streaming services? Sign up for the service’s new $6.99 plan, of course.

Rolling out today, Netflix is allowing new users to sign up for a new plan that allows them to stream television shows, Netflix original series like House of Cards and movies for just $6.99 a month. That’s $1 less than the base price users pay today.

Originally found by Adweek, there are two key differences between the new cheaper option that’s rolling out to new users today and what’s already available to longtime users. The cheaper subscription will limit users to just 1 stream at a time and they won’t get any high-definition options either. For comparison, users who have Netflix’s $7.99 streaming plan can watch content on two devices at the same time in standard definition or high-definition.

There’s no word on when older users will get the option to downgrade to this new service tier. All told, it’s not a bad deal for users who don’t watch Netflix in high-definition anyway. Netflix also allows users to enjoy 4 simultaneous streams for $11.99.