skip to main content

What Is a Roth IRA?

Thinking about opening an Individual Retirement Account (IRA)? Read on to learn what a Roth IRA is, how you can open an IRA account and how a Roth IRA differs from a Traditional IRA.

This comprehensive guide will allow you to make an informed decision about how to save more money for retirement.

What Is an IRA?

IRAs icon

An IRA is a financial product designed to help individuals save for retirement. Unlike a 401(k), which is typically an employer-sponsored plan, anyone can open an IRA as long as they have an income.

What Is a Roth IRA?

A Roth IRA has the same annual dollar limits and deadline for contributions as a Traditional IRA, but there are some important differences to note:

Understanding what a Roth IRA is and how it differs from the Traditional IRA can help you make the best decisions about your retirement plan. Be sure to consult with a financial or tax advisor before contributing to an IRA.

What Is a Traditional IRA?

online banking

A Traditional IRA operates under these guidelines:

Open a Roth IRA Today

Synchrony Bank offers a range of savings products, including IRA CDs and IRA Money Market Accounts, with competitive rates+ and low minimum deposit requirements—plus award-winning customer service and 24/7 convenient online.

If you want to save for retirement, and want to know the answer to the question, “What is a Roth IRA,” Synchrony Bank can help. 

Call 1-844-345-5789 to learn how you can start saving for retirement today through an IRA account.

Synchrony Bank does not provide tax advice so be sure to contact your tax advisor or financial consultant before opening or contributing to an IRA.

———-

Sources:

IRS: https://www.irs.gov/retirement-plans/ira-deduction-limits

+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. as of 11/01/2016. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.


Your browser is out-of-date!

Update your browser to view this website correctly. Update my browser now

×