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1Any money withdrawn is still taxable as regular income and may be subject to bank penalty.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.