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The Financial Services Compensation Scheme has announced further information for the 200,000 Icesave customers who have been unable to access their savings since the bank collapsed earlier this month.

The FSCS said all affected savers will have their money returned electronically into the account that was linked to their Icesave savings account. The FSCS aims to begin the process of returning the money in 10 days' time. Customers do not have to lodge a claim themselves - they will receive notification from the compensation scheme detailing how the process will work. They will receive further notification when their money is about to be returned at which point the customer will have to fill in an online form to complete the transfer process.

The first transfer of payments is scheduled to start in the second week of November and the FSCS said most savers will have received their compensation by the end of November.

It has been confirmed that anyone with an Icesave Isa will not lose the tax-free status on their money and that they will be able to reinvest it and retain the tax break.