Mutual Fund Accounts and College Savings Plans
What is the minimum initial amount needed to open a T. Rowe Price mutual fund account?
Account Minimums for T. Rowe Price Mutual Funds and College Savings Plans
| Account Type | Minimum Investment |
|---|---|
| Non-retirement mutual fund accounts | $2,500 |
| IRA accounts | $1,000 |
| UGMA/UTMA account | $1,000 |
| The T. Rowe Price College Savings Plan | $250 or $50 per month |
| Maryland College Investment Plan | $25 or $25 per month |
| Alaska 529 | $25 or $25 per month |
| Summit Fund account1 | $25,000 |
| Summit Fund IRA account1 | $25,000 |
| Summit Fund UGMA/UTMA account1 | $25,000 |
| I Class accounts2 | $500,000 |
1These account minimums apply to the Summit Municipal Income and Summit Municipal Intermediate Funds.
2Please see the prospectus for more information about investment minimums.
What is the minimum amount needed to add to my existing T. Rowe Price mutual fund account?
Log In to add to your account.
Minimums to Add to an Existing T. Rowe Price Mutual Fund Account or College Savings Plan
| Account Type | Minimum to Add to Your Account |
|---|---|
| Non-retirement mutual fund accounts | $100 |
| IRA accounts | $100 |
| UGMA/UTMA accounts | $100 |
| The T. Rowe Price College Savings Plan | $50 |
| Maryland College Investment Plan | $25 |
| Alaska 529 | $25 |
| Summit Fund account1 | $1,000 |
| Summit Fund IRA account1 | $1,000 |
| Summit Fund UGMA/UTMA account1 | $1,000 |
| I class accounts2 | No Minimum |
For more detailed information about the investment objectives, risks, fees, expenses, and other information associated with investing in a fund that you should read and consider carefully before investing, access the most current fund prospectus here.
1 These account minimums apply to the Summit Municipal Income and Summit Municipal Intermediate Funds.
2 Please see the prospectus for more information about investment minimums.
What is the minimum I may invest through Automatic Transactions?
Setting up Automatic Transactions requires a minimum investment of $100 per transaction for all accounts, after the minimum to open an account is satisfied.
Log In to your account to enroll in or make changes to Automatic Transactions.
Brokerage Accounts
Is there a minimum initial investment or fee to open a T. Rowe Price Brokerage account?
T. Rowe Price offers these main types of Brokerage accounts:
T. Rowe Price Brokerage offers registrations for individuals, corporations, trusts, Keoghs, SEPs, SIMPLE IRAs, prototype money purchase pension plan, profit-sharing plan, UGMA/UTMA, and Individual 401(k) accounts.
There is no fee charged to open a Brokerage account. Annual account service fee may apply if certain requirements are not met. See our complete commission and fee schedule.
What is the minimum amount needed to add to my existing Brokerage account?
Subsequent investments into an existing Brokerage account require a minimum investment of $100 per transaction.
Additional investments can be made through your money market sweep fund that is linked to your Brokerage account.
General
What kinds of fees does T. Rowe Price charge on accounts?
Mutual Fund Account Service Fee
As described in T. Rowe Price mutual fund prospectuses, an annual fee of $20 will be charged for each T. Rowe Price mutual fund account with a balance below $10,000. This account service fee, which is intended to help offset the disproportionally higher costs incurred by the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds' transfer agent, will be deducted automatically from the account's assets. Investors may qualify for a waiver of this account service fee in one of the following ways:
View the T. Rowe Price mutual fund prospectuses for additional information about the account service fee.
Closeout Fee
A $20 fee is deducted from each IRA or ESA mutual fund account that is fully redeemed, transferred to a non-IRA or ESA, or transferred out of T. Rowe Price. The closeout fee also is deducted from SEP-IRA, SIMPLE IRA, Money Purchase Pension, Profit Sharing Plan, 403(b), and Individual 401(k) accounts that are closed without being transferred or rolled over to another T. Rowe Price retirement plan account. The fee is not charged to any accounts that have already been assessed the account service fee for that calendar year. More information on Small Business Retirement Plans.
Brokerage Annual Account Maintenance Fee
This $30 fee is assessed each September to Brokerage and Brokerage Advantage* accounts. It is waived for:
Brokerage Cash Management Service Fee
This $40 fee is assessed in the anniversary month of the account opening to Brokerage Advantage accounts approved or activated for debit card or checkwriting services.
*We no longer open Brokerage Advantage accounts.
What is an expense ratio?
An expense ratio is a calculation of the annualized operating costs of a mutual fund divided by the average dollar value of the fund's average net assets and expressed as a percentage. The operating costs include management fees, but do not include brokerage fees and transaction costs that also may contribute to a fund's total expense. Operating expenses are taken out of a fund's assets and lower the return to a fund's investors. For example, an expense ratio of 1% equals $10 of expenses for every $1,000 in assets.
Account Service Fees
Why does T. Rowe Price charge an account service fee?
T. Rowe Price charges an annual account service fee to help offset the relatively higher costs associated with servicing lower balance accounts. Accounts with low balances result in a disproportionate amount of service in relation to the amount of the investment, and this fee helps apportion some of the operating cost more equitably within a fund. We are committed to helping clients achieve their long-term investment goals. We believe in active fund management and pursue a disciplined process to evaluate the stocks and bonds we invest in. But we don't believe it should cost a lot. We try to keep our expenses low, so your investment can go even further.
Who is subject to the account service fee?
You may be subject to the account service fee if you hold Investor Class shares of any T. Rowe Price mutual fund, and you purchased those shares directly from T. Rowe Price and not through a financial intermediary or retirement plan account (that is recordkept by T. Rowe Price Retirement Plan Services), and the total value of those shares is less than $10,000 per account. Specifically, accounts subject to the account service fee are:
The account service fee does not apply to 529 plans. The fee also does not apply to Brokerage sweep accounts.
In addition, if you qualify for one of our three waivers, you will not be charged the account service fee if your balance in an account is less than $10,000.
How and when will the account service fee be deducted from my account?
The determination of whether a fund account is subject to the account service fee is based on account balances and services selected for accounts as of the last business day of August. The fee will be charged to an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. This transaction will be reflected on your September statement.
May I pre-pay the account service fee so it isn't deducted from my account?
Our policy has changed and pre-payment of fees is no longer an option.
If my account value declines below the $10,000 minimum due to market fluctuation, will I be charged the fee anyway?
If your total eligible account balance is below $10,000 on the last business day of August for any reason, including market fluctuations, the fee will be assessed.
How can I qualify for a waiver of the account service fee?
As described in our mutual fund prospectuses, investors qualify for a waiver of the account service fee in one of the following ways:
Subscribe to electronic delivery of statements, confirmations, and prospectuses and shareholder reports (paper copies of fund documents are available, free of charge, upon request, to any shareholder regardless of whether the shareholder has elected electronic delivery):
Maintain a balance of $50,000 or more across certain T. Rowe Price accounts (including mutual fund, T. Rowe Price Brokerage, and other accounts);
Achieve the Select Services or higher tier within the T. Rowe Price Summit Program.1
The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price® ActivePlus Portfolios program, or money market funds that are used as a T. Rowe Price Brokerage sweep account.
View the T. Rowe Price mutual fund prospectuses for additional information about the account service fee.
If I'm already enrolled in your e-delivery programs, will I be charged the fee?
No, if you are enrolled in all e-delivery options, including account statements, account confirmations of activity, and prospectuses and shareholder reports, you do not need to do anything else and you will not be charged the fee. If you have not already, you may log in to enroll in all three e-delivery selections.
Does the account service fee apply to my Small Business Retirement Plan account?
Small Business Retirement Plans that have an account balance below $10,000 on the last business day of August will be assessed a $20 account service fee, unless the participant meets one of the following waivers by:
Subscribe to electronic delivery of statements and confirmations; or
Maintaining a combined balance of $50,000 or more in certain T. Rowe Price accounts (including mutual funds, Brokerage, and Small Business Retirement Plans); or
Achieving the Select Services or higher benefit tier in the T. Rowe Price Summit Program1.
Subscribe to paperless delivery of account statements and confirmations of activity through the T. Rowe Price Workplace Retirement portal.
Subscribe to paperless delivery of account statements and confirmations of activity through the T. Rowe Price Personal Investing portal.
If you opt for paperless delivery, we will waive your fee based on your enrollment.
Explore more information on Small Business Retirement Plans.
The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price® ActivePlus Portfolios program, or money market funds that are used as a T. Rowe Price Brokerage sweep account.
View the T. Rowe Price mutual fund prospectuses for additional information about the account service fee.
1View the Summit Program FAQs to learn more.
202510-4877926