AT&T Inc. (NYSE: T) announced it will simplify its fiber internet offerings starting June 7, reducing options to four speed tiers: 300 Mbps, 500 Mbps, 1 GIG and 5 GIG. The telecommunications company said customers who bundle AT&T wireless and home internet services can save up to $420 annually.

The new fiber plans offer bundled customers internet service starting at $35 per month. AT&T's entry-level fiber plan now provides speeds three times faster than the previous offering, according to the company's press release.

"This is about delivering straightforward plans for our customers that are packed with value, savings, and powered by a network that performs," said Jenifer Robertson, executive vice president and general manager of AT&T Consumer.

Customers who combine qualifying services receive Internet Backup at no additional charge. The service automatically switches to wireless connectivity during fiber network disruptions when a smartphone is near the gateway, then returns to fiber when service is restored.

AT&T's 5 GIG plan includes All-Fi Pro, which provides enhanced Wi-Fi performance features including whole home coverage, advanced security, adaptive Wi-Fi technology, and premium equipment upgrades.

The Dallas-based company serves more than 100 million U.S. customers and nearly 2.5 million businesses. The simplified fiber plans follow AT&T's recent streamlining of its wireless service offerings.

Pricing includes taxes and fees after discounts. The $420 annual savings applies to customers with eligible wireless service who select the 5-GIG speed tier and use AutoPay and paperless billing. Fiber internet availability varies by location.