There may be both pros and cons to opening a Roth IRA at a bank. On one hand, it might be more convenient to open your Roth IRA account at an institution with which you already hold an account with. Plus, the Federal Deposit Insurance Corp. (FDIC) typically insures depository bank accounts (not investment accounts) for up to $250,000. However, some Roth IRA accounts at banks have limited investment options.