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Member FDIC Equal Housing Lender

* The Annual Percentage Rate (APR) may vary daily and will be based on the Prime Rate as listed in the Wall Street Journal (Prime) plus a margin. The APR will not be less than 3.00% APR or more than 18% APR. As of 5/9/19 the Prime Rate is 5.50%. The APR will also depend on the amount of the Home Equity Line of Credit (HELOC) that we approve. For HELOCs of $25,000 - $49,999 the APR will be Prime -.26%, currently 5.24% APR. For HELOCs of $50,000 to $1,499,999, the APR will be Prime - .76% APR, currently 4.74% APR. This promotional rate is available for new home equity lines of $50,000 or more; refinances of existing BankRI lines are required to increase their existing home equity line of credit by $25,000 and have a new credit limit no less than $50,000. All APRs reflect a .26% auto-pay discount from a BankRI checking account. In some instances, the APR calculation used could result in a fully indexed APR below the minimum APR of 4.74%. If this occurs, your APR will not be less than 3.00%. Property hazard insurance required. Early termination fee of $250 or 2% of the HELOC's credit limit, whichever is less, applies if HELOC terminates within 12 months of closing. Available for 1 to 4 family owner occupied/second homes. Other terms and conditions and restrictions may apply. Offer subject to change without notice. Consult a tax advisor for further information regarding the deductibility of interest and charges.

1 35 year draw, 15 year repayment applies to 1 to 4 family owner occupied/second homes.

2 No closing costs except for properties held in a trust or investment property. Typical fees to open the HELOC when the property is held in a trust are approximately $175 per trust. Additional fees may apply for a Power of Attorney.

NMLS ID# 410623

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Rhode Island's BEST
Home Equity Line of Credit


PRIME -.76% APR*

unique terM ~ 35 Year Draw Period1
No Application fees, points or closing costs2