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  • Making investment decisions wisely requires choosing fund families with strong research capabilities and active management balanced with low costs. At T. Rowe Price, we believe in actively managing our funds, and we pursue a disciplined process to evaluate the stocks and bonds we invest in. But we don't believe it should cost a lot. We keep our minimums low to make it easy to begin investing, and we keep our expenses low, so your investment can go even farther.

    Here are some frequently asked questions you may find helpful about our account minimums and fees.

    What is the minimum initial amount needed to make an investment in T. Rowe Price funds?
    Account Minimums for T. Rowe Price Mutual Funds
    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 per month
    The University of Alaska College Savings Plan $250 or $50 per month
    Summit Fund account1 $25,000
    Summit Fund IRA account1 $25,000
    Summit Fund UGMA/UTMA account1 $25,000

    1These account minimums apply to the Summit Cash Reserves, Summit GNMA, Summit Municipal Income, Summit Municipal Intermediate, and Summit Municipal Money Market Funds.

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    What is the minimum amount needed to add to my T. Rowe Price account?

    Log in to add your account:

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    Minimums to Add to An Existing T. Rowe Price Mutual Fund Account
    Account Type Minimum to Add to Your Account
    Non-retirement mutual fund accounts $100
    IRA accounts $100
    UGMA/UTMA account $100
    The T. Rowe Price College Savings Plan $50
    Maryland College Investment Plan $25
    The University of Alaska College Savings Plan $50
    Summit Fund account1 $1,000
    Summit Fund IRA account1 $1,000
    Summit Fund UGMA/UTMA account1 $1,000

    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.

    View our complete Transaction Policy.

    What is the minimum amount I may invest through Automatic Asset Builder?

    The Automatic Asset Builder 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 Asset Builder.

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    What kinds of fees does T. Rowe Price charge on accounts?

    At T. Rowe Price, we keep our expenses low, so your investment can go even further. We offer funds with no loads, no sales charges, and low expense ratios. The following fees are charged for the specific circumstances noted.

    Account Service Fee—an annual fee of $20 will be charged for each T. Rowe Price mutual fund account with a balance below $10,000. The account service fee, which is intended to help offset the relatively higher costs associated with servicing lower balance accounts, will be automatically deducted from the account's assets. Investors may qualify for a waiver of the account service fee in any of the following three ways:

    • Subscribe to electronic delivery of statements, confirmations, and prospectuses and shareholder reports:

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    • Maintain an individual combined balance of $50,000 or more for all T. Rowe Price accounts (including mutual funds, Brokerage, Variable Annuity, and Small Business Retirement Plans); or
    • Qualify for T. Rowe Price Select Client Services based on higher asset levels of $100,000 or more.

    More information on 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, 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 Fee—this annual $30 fee is assessed each September to Brokerage and Brokerage Advantage accounts. It is waived for investors with at least $100,000 in qualifying assets with T. Rowe Price. It also is waived for investors with at least five commission-generating trades in the past 12 months or for investors with at least $50,000 in T. Rowe Price mutual funds. The minimum initial investment for a Brokerage Advantage account is $10,000, and there is a $40 cash management fee for accounts with activated debit card or checkwriting services. Customers subject to the $40 cash management fee will not be charged the $30 annual account fee.

    Redemption Fee—some T. Rowe Price mutual funds assess a fee for shares that are sold after being held for less than a certain period of time. This fee is a percentage of the share value, ranging from 0.5% to 2%. Information about a fund's specific redemption fee, if applicable, is included in each fund's prospectus or can be viewed in our Redemption Fee Policy.

    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.

    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 farther.

    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 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:

    • Taxable, non-retirement individual investor mutual fund accounts
    • Individual investor Traditional IRAs, Roth IRAs, Rollover IRAs, Roth Rollover IRAs, SEP-IRAs, SIMPLE IRAs, Individual 401(k) plans, and 403(b) plan accounts
    • Money Purchase Pension and Profit Sharing Plans
    • Education Savings Accounts (ESAs), UGMA/UTMA, and trust accounts will be based on custodial/trustee relationship
    • Individual accounts with an associated independent advisor

    The account service fee does not apply to 529 plans, VA contracts, and Certificates of Deposit (CDs). 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 prepay the account service fee so it isn't deducted from my fund balance?

    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?

    Investors qualify for a waiver of the account service fee in any of the following three ways:

    • Subscribe to electronic delivery of statements, confirmations, and prospectuses and shareholder reports:

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    • Maintain an individual combined balance of $50,000 or more for all T. Rowe Price accounts (including mutual funds, Brokerage, Variable Annuity, and Small Business Retirement Plans); or
    • Qualify for T. Rowe Price Select Client Services based on higher asset levels of $100,000 or more.
    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 are not enrolled in all three selections, please log in to your account:

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    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 exception criteria or waivers. Investors in these plans now may qualify for a waiver of the account service fee in any of the following three ways:

    • Subscribe to electronic delivery of statements and confirmations—a new feature for investors in Small Business Retirement Plans;
    • Maintain an individual combined balance of $50,000 or more for all T. Rowe Price accounts (including mutual funds, Brokerage, Variable Annuity, and Small Business Retirement Plans); or
    • Qualify for T. Rowe Price Select Client Services based on higher asset levels of $100,000 or more.

    To subscribe to paperless delivery of account statements and confirmations of activity through the T. Rowe Price myRetirementPlan, please log on to your account:

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    To subscribe to paperless delivery of account statements and confirmations of activity through the T. Rowe Price individual investor website, please log on to your account:

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    If you opt for paperless delivery, we will waive your fee based on your enrollment.

    More information on Small Business Retirement Plans.

    Detailed information on our funds' fees and expenses can be found in their prospectuses.