Yes. But if the IRA fund are tax-deductible (you deducted them when you made the contributions) then the rollover is also a Roth conversion, and you will owe income tax on the converted amount. Even if part of the contribution was non-deductible (and tracked on form 8606) that means that portion of the conversion will be non-taxable but the rest is taxed. (There is no penalty for early withdrawal, just income tax on the conversion.)
