There is no tax penalty, since savings accounts have no tax advantages. Roth IRAs, on the other hand, are better suited to saving for retirement. You can potentially get much greater benefits from the money invested monthly in a Roth IRA, and you can withdraw those earnings tax-free when you retire. You might consider a Physical Gold IRA rollover from one of the many gold IRA companies if you don't necessarily need an additional tax deduction during your working years and expect to be in a higher tax bracket when you retire. However, the balance of the Roth IRA is included in your taxable estate for tax purposes, just like a traditional IRA would. A Roth IRA is a type of IRA in which you pay taxes on the money that goes into your account, but future withdrawals are tax-exempt if certain requirements are met.
There are many types of IRAs, including specific IRAs for small business owners, but the most common types of IRAs are Roth IRAs and traditional IRAs.