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 Municipal Income, Summit Municipal Intermediate, and Summit Municipal Money Market Funds.

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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.

The Automatic Asset Builder requires a minimum investment of $100 per transaction for all accounts, after the minimum to open an account is satisfied.

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General

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:

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

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  1. Or 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);
  2. 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.

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

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.

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:

  1. Taxable, non-retirement individual investor mutual fund accounts
  2. Individual investor Traditional IRAs, Roth IRAs, Rollover IRAs, Roth Rollover IRAs, SEP-IRAs, SIMPLE IRAs, Individual 401(k) plans, and 403(b) plan accounts
  3. Money Purchase Pension and Profit Sharing Plans
  4. Education Savings Accounts (ESAs), UGMA/UTMA, and trust accounts will be based on custodial/trustee relationship
  5. 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.

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.

Our policy has changed and pre-payment of fees is no longer an option.

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.

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

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

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  1. Or 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);
  2. Or qualify for T. Rowe Price Select Client Services based on higher asset levels of $100,000 or more.

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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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:

  1. Subscribe to electronic delivery of statements and confirmations—a new feature for investors in Small Business Retirement Plans;
  2. Or 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);
  3. 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.

 

Redemption Fees

A redemption fee is a charge that some funds collect from shareholders to discourage short-term trading or early withdrawals (also known as market timing). Market timing can have a negative effect on a fund's long-term investors. Short-term trading generally involves shareholders who purchase and then redeem shares in a short period of time (often between 30 days and one year). A redemption fee typically is used to defray fund costs associated with a shareholder's redemption and is paid directly to the fund, not to a broker. The SEC generally limits redemption fees to 2%.

The T. Rowe Price redemption fee is charged as a percentage of the amount redeemed on shares held for less than the required holding period. The trade day after the trade date of your purchase is considered Day 1 for purposes of computing the holding period. For example, if the fund in which you invest requires a holding period of 90 days or less and charges 2% for shares held less than 91 days, then you will be charged 2% of the share price on that day using the "first-in, first-out" method. If the share price is $10.00 and you redeemed 100 shares, then you will be charged $20 for the early redemption based on the earliest shares purchased.

Subject to the exceptions described below, all persons holding shares of a T. Rowe Price fund that imposes a redemption fee are subject to the fee, whether the person is holding shares directly with a T. Rowe Price fund, through a retirement plan for which T. Rowe Price serves as recordkeeper, or indirectly through an intermediary, such as a broker, bank, investment adviser, recordkeeper for retirement plan participants, or any other third party.

The following T. Rowe Price funds assess a fee on redemptions (including exchanges), which reduces the proceeds from such redemptions by the amounts indicated:

T. Rowe Price Funds with Redemption Fees
Fund Redemption Fee Holding Period
Africa & Middle East 2% 90 days or less
Asia Opportunities 2% 90 days or less
Credit Opportunities 2% 90 days or less
Diversified Small-Cap Growth 1% 90 days or less
Emerging Europe 2% 90 days or less
Emerging Markets Bond 2% 90 days or less
Emerging Markets Corporate Bond 2% 90 days or less
Emerging Markets Local Currency Bond 2% 90 days or less
Emerging Markets Stock 2% 90 days or less
Equity Index 500 0.5% 90 days or less
European Stock 2% 90 days or less
Extended Equity Market Index 0.5% 90 days or less
Floating Rate 2% 90 days or less
Global Growth Stock 2% 90 days or less
Global High Income Bond 2% 90 days or less
Global Real Estate 2% 90 days or less
Global Stock 2% 90 days or less
High Yield 2% 90 days or less
Intermediate Tax-Free High Yield 2% 90 days or less
International Bond 2% 90 days or less
International Concentrated Equity 2% 90 days or less
International Discovery 2% 90 days or less
International Equity Index 2% 90 days or less
International Growth & Income 2% 90 days or less
International Stock 2% 90 days or less
Japan 2% 90 days or less
Latin America 2% 90 days or less
New Asia 2% 90 days or less
Overseas Stock 2% 90 days or less
Real Assets 2% 90 days or less
Real Estate 1% 90 days or less
Small-Cap Value 1% 90 days or less
Spectrum International 2% 90 days or less
Tax-Efficient Equity 1% less than 365 days
Tax-Free High Yield Fund 2% 90 days or less
Total Equity Market Index 0.5% 90 days or less
U.S. Bond Enhanced Index 0.5% 90 days or less

When an investor sells shares of a fund that assesses a redemption fee, T. Rowe Price will use the "first-in, first-out" method to determine the holding period for the shares sold. Under this method, the trade date of redemption or exchange will be compared with the earliest purchase date of shares held in the account. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. A redemption fee will be charged on shares sold on or before the end of the required holding period. For example, if you have shares in a fund with a 90-day holding period and you redeem your shares on or before the 90th day from Day 1, you will be assessed the redemption fee.

If you purchase shares through an intermediary, consult your intermediary to determine how the holding period will be applied.

The T. Rowe Price funds will not assess a redemption fee with respect to certain transactions. The following shares of T. Rowe Price funds will not be subject to redemption fees:

  1. Shares redeemed via an automated, systematic withdrawal plan;
  2. Shares redeemed through or used to establish certain rebalancing or asset allocation programs or fund-of-funds products, if approved in writing by T. Rowe Price;
  3. Shares purchased by the reinvestment of dividends or capital gain distributions;1
  4. Shares converted from one share class to another share class of the same fund;1
  5. Shares redeemed by a fund (e.g., for failure to meet account minimums or to cover other account fees);
  6. Shares purchased by rollover and changes of account registration within the same fund;1
  7. Shares redeemed to return an excess contribution in an individual retirement account;
  8. Shares of T. Rowe Price funds purchased by certain other T. Rowe Price funds or accounts managed by T. Rowe Price (please note that other shareholders of the T. Rowe Price fund are still subject to the policy);
  9. Shares that are redeemed in-kind;
  10. Shares transferred to T. Rowe Price or a third-party intermediary acting as a service provider when the age of the shares cannot be determined systematically;1 and
  11. Shares redeemed in retirement plans or other products that restrict trading to no more frequently than once per quarter, if approved in writing by T. Rowe Price.

1 Subsequent exchanges of these shares into funds that assess redemption fees will subject such shares to the fee.

If shares are held in a retirement plan, redemption fees generally will be assessed on shares redeemed by exchange only if they were originally purchased by exchange. However, redemption fees may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or how the fees are applied by your plan's recordkeeper. To determine which of your transactions are subject to redemption fees, you should contact T. Rowe Price or your plan recordkeeper.

If your shares are held through an intermediary in an omnibus account, T. Rowe Price relies on the intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to identify intermediaries establishing omnibus accounts and to enter into agreements requiring the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all intermediaries or that the intermediaries will properly assess the fees. Certain intermediaries may not apply the exemptions previously listed to the redemption fee policy; all redemptions by persons trading through such intermediaries may be subject to the fee. Certain intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through an intermediary should check with their respective intermediary to determine which transactions are subject to the fees.

Please call customer service at 1-800-225-5132 to discuss any questions or concerns you have regarding this policy.