Currently Xbox One and Xbox 360 owners can grab a lot of Xbox Live Gold membership. Instead of the usual $ 60 annual price, you can get a 12 month Xbox Live Gold subscription for $ 40 from the Microsoft Store. It's a 33% saving on what's already quite a good deal for Xbox owners. The offer ends August 1st, which comes up fast.
The agreement is good for new members and current members. If you are already in the middle of an Xbox Live Gold subscription, this will buy 12 months for it.
Xbox Live Gold is Microsoft's paid online service for Xbox One and Xbox 360. In addition to letting you play your games Online, you also get free games every month through the Games With Gold program. These include two Xbox One and two Xbox 360 games every month, and the 360 games are always backward compatible and playable on the Xbox One.
The gold games in July include Assault Android Cactus and Death Squared for Xbox One and Virtua Fighter 5: Final Showdown and Tom Clancy's Splinter Cell: Conviction for Xbox 360 (though The accessibility window for Virtua Fighter 5 has been completed). The quality of the games varies from month to month, but it is usually worth playing.
In addition, Gold Members receive exclusive discounts on the Microsoft Store every week, often on popular games. In fact, Microsoft's annual Ultimate Game Sale is running 19-30 July. All in all, Xbox Live Gold tends to be a very good deal, even if you only play a fraction of the free games in a given year.
You are not likely to find a better deal than this anytime soon; $ 40 is about as low as this annual subscription always goes. So if you plan to start (or retain) an Xbox Live Gold membership, take advantage of the offer before August 1st.