Skip to Main Content

Citizens Bank: Home Equity Review 2025

Written by
,
Updated on May 14, 2025

Bankrate is always editorially independent. Though our partners compensate us from links on this page, we maintain , and partners don't influence our product evaluations. Here's more on .

Citizens Bank logo
NMLS: 433960
Bankrate score

3.8

Rating: 3.8 stars out of 5
Our methodology
Customer score

4.4

Rating: 4.36 stars out of 5
Read reviews

Find competitive home equity rates near you

Citizens’ overview

Citizens Financial Group, headquartered in Providence, Rhode Island, is one of the nation’s oldest and largest financial institutions, with roots dating back to 1828. Citizens offers a broad range of banking, savings and lending products, including home equity lines of credit. In 2024, Citizens celebrated its 10th year as a public company on the New York Stock Exchange; its IPO is still the largest by a commercial bank in U.S. history. 

Citizens home equity products offered

Citizens Bank offers a standard HELOC and its proprietary GoalBuilder HELOC. Both have variable interest rates.

Among the benefits of the standard HELOC, you can get a 0.25 discount off your rate if you sign up for automatic payments from a Citizens checking account (or auto-withdrawal from any checking account, depending on where you live). The line of credit has a 10-year draw period and a 15-year repayment term. While you can pay both principal and interest during the draw period, you only have to make payments on interest at that time. You’ll need to take out a line for a minimum of $17,500.

The bank’s GoalBuilder HELOC, in contrast, allows you to take out as little as $5,000 and up to $25,000. It has no annual fee or prepayment penalty.

How Bankrate scored Citizens

Affordability: 3.2/5 

  • APR: Citizens don’t disclose their APRs, and you have to apply for the loan to get a personalized offer.
  • Draw minimum: Citizens offers a 10-year borrowing period with no minimum draw requirement.
  • Fees: While Citizens Bank doesn’t 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. Its GoalBuilder HELOC doesn’t come with an annual fee or a prepayment penalty.

Lack of transparency about the APR, along with the annual fee, results in Citizens scoring a 3.2 out of 5 rating.

Availability: 4.3/5 

  • Loan products: Citizens’ has two HELOC products, aimed at different target groups.
  • Where to find: Citizens has a network that spans 29 states – Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine
  • Michigan, Minnesota, North Carolina, Nebraska, New Hampshire, New Jersey, New York, Ohio
  • Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Virginia, Vermont and Washington D.C.
  • Credit score: Citizens doesn’t disclose the minimum credit score requirements, saying only you don’t need perfect credit to qualify. HELOC lenders in general require scores in the mid-600s at least. And of course, a stronger score positively impacts your chances of approval and the sort of rate offer you’ll receive.  
  • Loan minimum: With Citizens GoalBuilder HELOC, you can take out as little as $5,000 – quite modest, compared to most five-figure HELOC minimums. Its standard HELOC requires that you take out at least $17,500, still on the low side.

Citizens earns a 4.3 out of 5 because of its two distinct HELOC options, and the fact that it’s  accessible in a majority of U.S. states. 

Borrower experience: 4.1/5 

  • Rate transparency: Citizens boasts that it takes under two minutes to find out what you can qualify for, with no impact on your credit score. 
  • Convenience: Borrowers can apply for a Citizens HELOC on the phone, online or in a branch. The bank offers 24-hour telephone support and a full array of online banking services.
  • Customer service: Within one business day of submitting your online application, a home loan originator will contact you to discuss the next steps in the process. 

Citizens scores 4.1 out of 5 due to their speed and breadth of its customer support and application options. 

Lightbulb Icon
Bankrate insights

You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations. 

However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal

Citizens’ reputation

Citizens Bank gets a B+ rating from the Better Business Bureau and a 1.2 star rating from Trustpilot, as of this writing.  

What consumers say about Citizens

Many customers on Bankrate say the Citizens application process was “generally straightforward” and “easy” — “a lot easier compared to others I have been acquainted with,” one client confided. Reps win raves for being “knowledgeable,” “professional” and even “compassionate.” While Citizens doesn’t disclose its APRs online, one customer noted how the “rates are affordable and reliable.”

How to qualify for a HELOC 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 ratio of 80 percent or less.

How to apply for a home equity loan with Citizens Bank

You can apply for a HELOC on Citizens Bank’s website or by calling 888-333-1206, Monday through Thursday, 8 a.m. to 8 p.m. ET, Friday, 8 a.m. to 6 p.m. ET or Saturday, 9 a.m. to 2 p.m. ET. Once you’ve submitted a HELOC application, you will receive a personalized offer in 2-3 minutes and a loan officer will respond to you within one business day. From there, they’ll provide next steps for your application.

Citizens’ FastLine digital application process can be completed in three steps. First, you enter your Personal Invitation Code along with the last four digits of your Social Security number. Then, confirm certain financial information about your property and income, along with personal details about yourself. Once you accept the offer, you can close in as little as 7 days, the lender claims.

Compare Citizens Bank with other lenders

Selected lender
Citizens Bank logo
NMLS: 433960
Bankrate score
Rating: 3.8 stars out of 5
3.8
Customer score
Rating: 4.4 stars out of 5
4.4
Aven logo
NMLS: 462289
Bankrate score
Rating: 4.6 stars out of 5
4.6
Customer score
Rating: 3.2 stars out of 5
3.2
Connexus Credit Union logo
Bankrate score
Rating: 4.2 stars out of 5
4.2
Customer score
Rating: 0 stars out of 5
N/A

Loan amount

Starting at $17,500 for HELOC; $5,000-$25,000 for GoalBuilder HELOC

Up to $400,000 (up to $100,000 in some states)

Starting at $5,000

Min. credit score required

Undisclosed

640

640

Repayment terms

10-year draw period and 15-year repayment term

Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years

15-year draw/15-year repayment period for HELOC; 5–15 years for home equity loan

Funds available in

Approximately two weeks

With 7 business days

Within 30 days of application

Recent customer review

Bait and switch

Rating: 1 stars out of 5

The bank offers you a rate based on your preliminary application which was constant until the final app approval. Instead of the rate falling (as they have now to 3 year lows) my l...

redstone

Low offer and extremely high rates and fees

Rating: 1 stars out of 5

They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee...

Heloc

Customer review

Rating: 0 stars out of 5

No reviews available yet.

N/A

Citizens Bank customer ratings and reviews

NMLS: 433960

logo

4.4

Rating: 4.36 stars out of 5

25 ratings

Knowledge
Rating: 4.4 stars out of 5
Level of service
Rating: 4.4 stars out of 5
Professionalism
Rating: 4.5 stars out of 5
Responsiveness
Rating: 4.4 stars out of 5

92% of customers would recommend this lender.

10 of 24 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

Search Icon
Caret Down Icon
Rating: 1 stars out of 5

Bait and switch

redstone
mid-atlantic (April 24, 2025)

The bank offers you a rate based on your preliminary application which was constant until the final app approval. Instead of the rate falling (as they have now to 3 year lows) my loan apr was increased.The loan processor was patient and helpful to garner my filling of the application but no where to be found when I need to question the rate hike.

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 2 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 2 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

the treat you as a person and want to know what you need to be successful

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Citizens Bank Home Equity were very knowledgeable, compassionate, and fast! The application was very easy, yet thorough. And, the representative was very compassionate towards my reasons for needing the loan

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

I'm paid now . This was an earlier property and times were different . Very easy process and we simply showed up and signed . At the time I don't think they did a formal appraisal on the property . Might of just checked comparible sales in the area . We didn't really have to contact them for anything after . Their Branch People were very good .

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Establishing my home equity line was a simple and painless process. I used it several times without issue. I liked having both checks and a credit card to access funds.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

They have very attractive responses during application process such as loan and always they give you a pre-loan clear details and education

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

I found citizens bank home equity loan process to be a lot easier compared to others that I have been acquainted with in the past. Their professionalism and ability to answer any question I had in laymen’s terms without making me feel dumb was nice.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

They respond quickly and their process is easy

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Very knowledgeable banking associate. He walked up through the whole process and got us a great loan amount. We would only use this home equity if needed but right now we are waiting for closing.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

It was an easy application process they were extremely responsive everything was done online for the most part didn't take any time at all and any questions I had were quickly answered

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes