Citizens are offering HELOCs with APRs starting at 4.5% as of July 13, 2022, which was below the national average at the time. However, Citizens do not disclose the low credit score an applicant may have to qualify.
The bank does not charge application fees or application fees. And it offers a 0.25% interest rate reduction for borrowers who make automatic payments from a Citizens checking account.
Citizens offers HELOCs starting at just $17,500; however, you must have a line of credit over $200,000 to obtain the lowest APR available. The draw period is 10 years and the repayment period is 15 years. There are no fees and some discounts are available, including for Citizens checking account customers. Annual fee of $50 is waived for the first year of funding.
Not available nationwide
Citizen HELOCs are only available in the following areas: Connecticut, Delaware, Florida, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Virginia or Vermont as well as Washington, DC
How to register
Borrowers can start the application online, in person or over the phone. Phone customer support is available Monday-Friday 7am-10pm ET and Saturday-Sunday 9am-6pm ET.