How do I open a brokerage account?
Open an account online or call 1-800-341-1211.
Is there a minimum initial investment or fee to open an account?
There's no setup fee, just a low minimum initial investment of $2,500 for a taxable account or $1,000 for a Brokerage IRA, which includes a T. Rowe Price money market sweep account. Add a bank link to transfer funds electronically, or fund your account by check, wire transfer, or rollover from another firm.
We offer registrations for individuals, corporations, trusts, SEP and SIMPLE IRAs (if the plan sponsor has elected for the SEP or SIMPLE IRA plan to have a brokerage feature), UGMA/UTMA, transfer on death (TOD), and individual 401(k) accounts.
Annual service fees may apply if certain requirements are not met.
What is a money market sweep account and why should I open one?
A T. Rowe Price money market mutual fund functions as the brokerage “sweep” account through which all brokerage transactions are settled. A sweep account is established, or linked, when you initially open your brokerage account and serves as a dividend-bearing account to hold cash while you decide how to invest. Some additional points to consider are:
Proceeds from transactions in your brokerage account, resulting from the sale of securities or from dividend and interest payments, will be automatically transferred to your sweep fund to earn competitive rates.
If you want to make a brokerage purchase, the money in your sweep fund will be used to settle the transaction.
You have the option to enable check-writing services which allows you to write checks from your money market sweep fund ($500 minimum), or transfer funds electronically to a linked bank account. Proceeds from any brokerage sale transaction will automatically be paid to your sweep account when the brokerage trade has settled.
Retail Money Market Funds (Government Money Fund and the U.S. Treasury Fund): You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc. is not required to reimburse the Fund for losses, and you should not expect that T. Rowe Price Associates, Inc. will provide financial support to the Fund at any time, including during periods of market stress.
Government Money Market Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc. is not required to reimburse the Fund for losses, and you should not expect that T. Rowe Price Associates, Inc. will provide financial support to the Fund at any time, including during periods of market stress.
What features are offered on my account?
Many account features are offered for free through our brokerage service and the online trading platform, including:
Dividend reinvestment
Transaction settlement to a linked money market sweep account
Checkwriting on a sweep account ($500 minimum per check)--this is an optional feature which first requires that additional paperwork be completed
Combined statements
Duplicate statements and confirmations
Immediate confirmations via email trade and activity alerts
Research of account information (on request)
Online research tools, market news, and real-time quotes
Watchlists
Projected cash flow
Can I use Automatic Buy to purchase securities?
No, this feature is not available for individual security purchases. However, the following securities are eligible for automatic investment:
What investments can I buy through my brokerage account?
You can buy a wide range of investments, including:
Stocks
ETFs, including many with $0 commissions on transactions. To search for no transaction fee ETFs, log in to your brokerage account and select Investing Tools under Research
Bonds
Certificates of Deposits (CDs)
Options1
Non-T. Rowe Price no-load mutual funds, many with no transaction fee.
How do I purchase T. Rowe Price mutual funds?
You can purchase T. Rowe Price mutual funds directly through a linked bank account, a check, or an exchange from an identically registered T. Rowe Price fund, including your linked brokerage money market sweep account. Explore our mutual funds
How do I sign up for option trading?
To have your brokerage account enabled for option trading, submit an Option Application and Agreement (PDF). If approved, you’ll be able to place option orders online or through a brokerage representative. For more information, call 1-800-341-1211. Be advised that options are not suitable for all investors.
What is a margin account, and how do I open one?
A margin account allows for the purchase of eligible securities with money borrowed through T. Rowe Price and provides the capability to borrow against marginable securities held in the account. The purchase of a security on margin establishes a debit balance on which interest is due monthly. Margin accounts are not suitable for all investors.
Approval is required to open a margin account or add margin capabilities to an already established nonretirement brokerage account. Retirement accounts are not eligible for margin trading. Download a Margin Application and Agreement (PDF) or call 1-800-341-1211 to request this by mail.
How will I know if I have a margin call?
A T. Rowe Price brokerage representative will notify margin customers by phone or letter if their accounts have outstanding margin calls not covered by assets in their money market sweep account.
Bond Investing
The website offers online bond inventory but does not currently offer bond trading; however, representatives are available if you wish to purchase bonds or discuss inventories. For details, contact a registered Brokerage representative.
How do I receive account statements and trade confirmations electronically?
Within the Profile & Settings section, you can sign up for paperless delivery of statements, confirmations, prospectuses, proxy/shareholder communications, tax forms, and client communications.
You can also subscribe to select Alerts & Notifications for your brokerage account alerts.
How do I view historical trades and open orders?
Historical transactions and open orders can all be viewed by logging in and viewing the Activity page. You can view your transaction history up to 3 years, or the last 1,200 records.
How do I change dividend elections on a security?
Within the Profile & Settings section, you can change dividend elections on a security by visiting the Dividends & Capital Distributions page after logging in.
How do I change cost basis on my account?
Within the Profile & Settings section, you can change cost basis settings on your account(s) on the Cost Basis Method page.
What is the commission for an online trade?
All online stock and ETF trades are $0 commission.
Representative-assisted are $9.95 for clients who qualify for the Enhanced Personal Services tier of our Summit Program2 program, or $25 for all others.
Is each stock order submitted subject to a separate commission charge?
There is no commission for stock trades entered online, but there would be a separate commission charge for rep-assisted. For example, if you place an order to buy 100 shares of MSFT at 10:20 a.m., and another order to buy 100 shares of MSFT at 2:30 p.m. and both trades execute, you will be charged a separate commission for each transaction ($25.00 or $9.95 per trade, contingent on whether you qualify for our lower commission tier), since the original order presented to the market center was not modified or canceled.
Are orders that are partially executed during the same trading day subject to separate commission charges for each partial execution?
No. For example, if you place a limit order to buy 1,000 shares of GE, and the order is executed in two 500 share lots during the same day, you will only be charged one commission for both executions ($25 or $9.95 per trade, contingent on whether you qualify for our lower commission tier), since the original order presented to the market center was not modified or canceled.
If I change the limit price or quantity of a partially executed order, will the new order be treated separately for commission purposes?
Yes. For rep assisted orders entered via a phone channel, you will be charged a commission on the initial partial execution and another commission if your edited order executes. For instance, you might place a limit order to buy 1,000 shares of IBM, and only 500 shares may execute initially. For the 500 share execution, you will be charged a commission. If you then change the price or quantity of the remaining open limit order, it's presented to the market center again as a new order and is therefore subject to another commission charge if executed ($25.00 or $9.95 per trade, contingent on whether you qualify for our lower commission tier).
Are orders that are partially executed across multiple trading days subject to a separate commission charge for each day the order partially executes?
Yes. For rep assisted orders entered via a phone channel only. If you place a limit order to buy 1,000 shares of GE, and only 500 execute the first day, you will be charged a commission for the first day's execution and an additional commission for each subsequent day's execution ($25.00 or $9.95 per trade, contingent on whether you qualify for our lower commission tier).
1Option trading involves additional risk and is not suitable for all investors. Subject to the approval of T. Rowe Price Brokerage.
2The Summit Program is a tiered benefit program offered by T. Rowe Price®. Assignment to a benefit tier is based on the amount of assets in qualifying investment accounts and other accounts that you or members of your Program household have with T. Rowe Price. View the Summit Membership Program FAQs to learn more, including: account types automatically qualified for the Program; other types of accounts you may authorize to be measured within the Program; how Program households are determined and how this impacts your benefit tier; the information that may be disclosed to members of Program households and their agents; and, how you may opt out of certain householding features. If you have elected e-delivery for account confirmations, information about this Program, including communications concerning your tier status and benefits, will be sent electronically. To access certain Program benefits, you must log in to www.troweprice.com/access. If your Program household's assets fall below the minimums needed to maintain your current tier status, you will be notified before you are moved to a lower level. The Program is subject to change without prior notice.
Brokerage accounts are offered by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon company, member NYSE/FINRA/SIPC.
All investments are subject to market risk, including the possible loss of principal; they are subject to management fees and expenses.
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