If for short term, save the money in the bank for safety.
For long term, it is better to buy stocks instead of saving in the bank.
Look at GE, the dividend yield is more than 4%. I do not think GE will cut the dividend payment. In a long run, its stock would go up too.
If you could take risk, you can buy IAT, XLF, PGF with dividend yield payment more than 4%.
If you are brave, you could buy NCC-PB, Key-PF with dividend payment around 15%. The risk is they may be belly up. I do not think so, but who knows. That is why I said if you were brave.