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Citizens Bank: 2022 Home Equity Review

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Founded in 1828, Citizens Bank is one of the country’s oldest banks and its 13th largest. Headquartered in Providence, Rhode Island, it has about 1,000 branches and 3,000 ATMs in 11 states in New England, the Mid-Atlantic and the Midwest.

The bank offers small business banking solutions and wealth management services, in addition to a suite of consumer banking products, like home equity lines. Its home equity line of credit (HELOC) is an option for homeowners who are looking to consolidate debt, planning a home renovation, or simply need funds for upcoming large expenses.

Citizens Bank snapshot

Loan types offered HELOC, GoalBuilder HELOC
APR range HELOC: Starting at Prime* -.50%
GoalBuilder: Prime* +3.25% or +3.00% with auto pay from a Citizens checking account
Loan amount range HELOC: Starting at $17,500
GoalBuilder HELOC: $5,000 – $25,000
Minimum credit score required Not specified
Repayment terms HELOC: 10-year draw period, 15-year repayment period
Average time to approval Not specified

*Prime rate as reported by The Wall Street Journal’s bank survey, which is based on the federal funds rate set by the Federal Reserve. 


There are several benefits to working with Citizens Bank for a home equity loan or line of credit:

  • Minimal up-front fees: There are no closing costs or application fees for home equity loans or HELOCs.
  • Flexible repayment options: Borrowers can choose between interest-only payments and payments that include principal and interest during a HELOC’s 10-year draw period.
  • Convenient application process: You can apply for a HELOC online.


There are also a few drawbacks to consider before choosing Citizens Bank.

  • Annual fee: After the first year, HELOCs have a $50 annual fee.
  • Limited availability: Citizens Bank limits lending to 18 states and Washington, D.C.: Connecticut, Delaware, Florida, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont and Virginia.
  • Application options: You can apply for a HELOC online, but you must contact a representative to apply for a home equity loan.

Types of fees charged

While Citizens Bank does not charge an application fee or closing costs on HELOCs, it does charge late fees, as well as a $50 annual fee after the first year. It’s GoalBuilder HELOC doesn’t incur a repayment fee or annual fee.

Loan products offered

Citizens Bank offers two home equity products: a standard HELOC and a GoalBuilder HELOC. Rates for standard HELOCs are discounted 0.50 percent with automatic monthly payments from a Citizens Bank checking account.


Citizens Bank’s standard home equity line of credit has a 10-year draw period and a 15-year repayment term with a variable interest rate between 3.0 percent and 21 percent. The APR can never be lower than 2.50 percent. While you can pay on both the principal and interest during the draw period, you only have to make payments on the interest. Loan amounts start at $17,500.

GoalBuilder HELOC

The bank’s GoalBuilder HELOC has undisclosed income limits with loan amounts from $5,000 to $25,000.

The GoalBuilder HELOC has no annual fee or prepayment penalty. It’s only available in Connecticut, Delaware, Florida, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia and Washington, D.C.

How to qualify for a home equity loan with Citizens Bank

Citizens Bank looks at three main factors when determining eligibility for a HELOC: your credit history (FICO score), your loan-to-value (LTV) ratio and your debt-to-income (DTI) ratio. The bank doesn’t disclose credit score requirements, but to get the best HELOC rates, you’ll need an LTV of 80 percent or less.

How to get started

During the online application process, you’ll need employment details and the date of birth and Social Security number for you and your co-applicant, if you have one, along with two of your most recent pay stubs. Additionally, you’ll need information on the property, including its current value, the year it was built, the purchase date and price, your current mortgage payment and details on any existing liens. You’ll also need your homeowner’s insurance and property tax information.

Once you’ve submitted a HELOC application online, a Citizens Bank loan originator will respond to you within one business day. From there, they’ll provide next steps for your application

You can apply for a HELOC on Citizens Bank’s website or by calling 888-333-1206. Loan officers are available by phone from 8 a.m. to 8 p.m. Monday through Friday.

To apply for a home equity loan, you’ll need to speak directly with a loan officer. You can call 888-514-2300, visit your local branch or make a request on the website for a loan officer to call you. Loan officers are available by phone from 8 a.m. to 8 p.m. Monday through Friday.

How Bankrate rates Citizens Bank

Bankrate Score 4.6 Scoring factors
Availability 4.4 Low minimum loan amounts but takes 45 days to close
Affordability 4.4 Minimum 3.0% APR across all HELOC products with auto-pay discount
Customer experience 5 Online access, 7-day customer service and highly rated apps

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Aylea Wilkins
Loans Editor, Former Insurance Editor
Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information.