Savings Plan is a new flexible model of AWS to save money on the use of computing services. It applies to EC2 services regardless of AWS family, size, OS, region and also to other computing services such as Fargate and ECS. It offers more than one type of plan over different durations and automatically adopts to computing usage. With the Savings Plan, AWS customers commit to a cost per dollar measured per hour over 1 to 3 years.
There are 2 types of Savings Plans: Compute Savings Plans and EC2 Instance Savings Plan.