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If you’ve purchased Compute Savings Plans on AWS, it’s important to know that you can’t switch or convert them into EC2 Instance Savings Plans later. Once you’ve committed to a plan, the terms are fixed and can’t be changed.
But don’t worry, there are still ways to save money that can work for your needs:
First, you can buy additional EC2 Instance Savings Plans. These plans can offer savings of up to 72%, which is higher than the 66% savings from Compute Savings Plans. You can keep your current plans and purchase new EC2 Instance Savings Plans at the same time. The EC2 Instance Savings Plan will be applied first to your eligible usage because it offers the higher discount, and your existing Compute Savings Plan will cover the remaining usage. This way, you’ll maximize your savings by stacking plans alongside each other.
If you’re okay with waiting, another option is to let your existing Compute Savings Plan expire. Once it ends after one year, your instances will be billed at On-Demand rates. At that point, you can purchase a new EC2 Instance Savings Plan for three years to lock in lower rates and longer-term savings, aligning with your future budget goals.
Remember, EC2 Instance Savings Plans require you to commit to a specific instance family and region. These plans are less flexible than Compute Savings Plans, which allow you to choose across various instance types, regions, and services like Fargate or Lambda. Be sure to analyze your usage to decide if an EC2 Instance Savings Plan fits your requirements before making a purchase.
For more details, you can check resources like the AWS documentation on Savings Plans, which provide in-depth explanations and guidance.
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