Digital bank Monzo hopes it learned its lesson from a history of failed attempts at a premium offering, as it launches its most expensive paid tier for current account users yet, offering perks such as travel and phone insurance.

Launching on 20 October, Monzo Premium is the bank’s most affluent account tier to date, priced at £15 per month — or £180 per year — and incorporating all the benefits of its little sister Plus. The move is the latest in what has been a graveyard of past attempts at securing a viable revenue stream as the nascent fintech industry matures.