Besides the zonal flow that dominates the seasonal and long-term variability in the equatorial Atlantic, energetic intraseasonal meridional velocity fluctuations are observed in large parts of the water column. We use 15 years of partly full-depth velocity data from an equatorial mooring at 23°W to investigate intraseasonal variability and specifically the downward propagation of intraseasonal energy from the near-surface into the deep ocean. Between 20 and 50 m, intraseasonal variability at 23°W peaks at periods between 30 and 40 days. It is associated with westward-propagating tropical instability waves, which undergo an annual intensification in August. At deeper levels down to about 2000 m considerable intraseasonal energy is still observed. A frequency–vertical mode decomposition reveals that meridional velocity fluctuations are more energetic than the zonal ones for periods 〈 50 days. The energy peak at 30–40 days and at vertical modes 2–5 excludes equatorial Rossby waves and suggests Yanai waves to be associated with the observed intraseasonal energy. Yanai waves that are considered to be generated by tropical instability waves propagate their energy from the near-surface west of 23°W downward and eastward to eventually reach the mooring location. The distribution of intraseasonal energy at the mooring position depends largely on the dominant frequency and the time, depth, and longitude of excitation, while the dominant vertical mode of the Yanai waves plays only a minor role. Observations also show the presence of weaker intraseasonal variability at 23°W below 2000 m that cannot be associated with tropical instability waves.