Coronavirus (COVID-19) Update
The health, safety and well-being of our customers, employees and communities continues to be our top priority. At this time, our branch lobbies will be available by appointment only. We encourage you to use our drive-thrus, which will be open during normal business hours, online and mobile banking and our ATM network. You can schedule an appointment by calling your local banker. Read more.
The main difference between a Roth IRA and a traditional IRA is that deposits into the former are not tax-deductible. The advantage is that when you reach retirement age, withdrawals from your Roth IRA are tax-free.
Additional features of a Roth IRA from Great Western Bank:
- You select the term of the account
- No fees to maintain your account
- No fees for internal transfers or rollovers
- Withdrawals for education or your first home1
1Any money withdrawn is still taxable as regular income and may be subject to bank penalty.
Please consult a tax advisor to determine if the earnings would be taxable or not.