Citizens Bank HELOC Review 2024

Good for: Borrowers who want a fairly fast closing or are looking for flexible credit and income requirements.
Taylor Getler
Last updated on January 24, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take


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Citizens Bank stands out for offering closing within seven days and funding within two weeks, as well as having no minimum draw requirement. The lender also offers a specialized HELOC product called GoalBuilder with a credit line up to $25,000, which is designed for borrowers who make less than the median income in their area and who have a credit score of at least 620. To qualify for a standard HELOC, borrowers must have a credit score of at least 680. The lender does not specify the maximum loan amount for standard HELOC borrowers.

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Citizens Bank
Citizens Bank: NMLS#433960

National / regional
Min. credit score
Loan types and products
Home Equity


  • No minimum draw.
  • No closing costs.
  • Borrowers can open and fund their line of credit in as little as two weeks.
  • Offers a flexible loan solution called GoalBuilder for borrowers who would not meet standard credit and income requirements.


  • $50 annual fee after the first year, during the draw period.
  • Lender does not provide information about maximum loan amounts.
  • No fixed-rate option.
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Full Review

Citizens Bank HELOC rates and discounts

Most home equity line of credit, or HELOC, interest rates are indexed to a base rate called the prime rate. The annual percentage rate, or APR, that you’re offered will include a margin the lender has added to the prime rate. Offered margins depend largely on factors like your credit score, your existing debt and the amount you wish to borrow, but they will vary by lender.

Current prime rate

Prime rate last week

Prime rate in the past year — low

Prime rate in the past year — high





Citizens Bank doesn’t post sample rates for its standard HELOC; however, the interest rate for a GoalBuilder HELOC is the prime rate + 3.25 percentage points. If the borrower enrolls in autopay from a Citizens Bank checking account, they receive a discount, and their rate is the prime rate + 3 percentage points.

Applying for a Citizens Bank HELOC

Borrowers can apply online, over the phone or in person at a branch location. Customers can also request a call from an agent to review home equity options and answer any questions.

Citizens Bank has an online chat feature that connects users with a live agent. When we tried it, we were immediately connected with a representative.

The lender’s site lists several phone numbers for its home equity lending team, depending on where the borrower is in the application process.

Opening and using a Citizens Bank HELOC

Borrowers can open an account within five days of applying and can access cash within two weeks. According to the representative that we spoke to, there is no fixed-rate option; all draws have a variable rate.

The minimum line amount for a standard HELOC is $17,500, or $5,000 for a GoalBuilder HELOC. Both HELOC options have a 10-year draw period and a 15-year repayment term. Ten years is a typical draw period, but 15 years is slightly shorter than some other lenders’ repayment periods of 20-plus years.

Borrowers can connect a Citizens Bank checking or savings account to their HELOC account to access their funds. If borrowers want to make a deposit from their HELOC account to an account at another bank, they’ll have to request a transfer, which could take longer. Borrowers cannot write checks from a Citizens Bank HELOC.

Alternatives to a Citizens Bank HELOC

Borrowers who prioritize fast access to their HELOC may be interested in Figure, which offers funding within five days. For borrowers who haven’t built much equity in their home yet, Navy Federal Credit Union allows homeowners to have a combined loan-to-value ratio up to 95%. (Be aware, though, that Navy Federal members must meet eligibility requirements.)

HELOCs offer a flexible way to access home equity over a period of time and pay interest only on the funds you withdraw. However, rising interest rates can bump up your monthly payment, and, as with credit cards, it takes discipline to avoid overspending.

Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate or a cash-out refinance, which replaces your existing mortgage with a larger loan. Citizens Bank offers a cash-out refinance, but does not advertise a home equity loan.

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NerdWallet’s HELOC star ratings are awarded by the editorial team based on the following evaluated factors: combined loan-to-value ratio, lender fees, transparency on key factors, whether a fixed-rate option is available, rate discounts, ease of application, whether a prepayment penalty may apply and whether an initial draw is required.

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