I'm surprised no one has mentioned a 529 yet.
If it's for your kids, I'd put it into something that has a dedicated purposed like a 529 which is for higher eduction (post high school). It can be a trade school, college, culinary school and can be transferred to another child.
The catch is that there's a penalty for using it for another purpose.
When my grandmother died, and I inherited a large sum of money, even though I was 21, it was invested for me into mutual funds. The market hasn't been kind, but it still has the same value today as it did when I received it.
Regardless, the best advice my father gave me was to go on as if the money didn't exist.
In your case, a saving's account may be one of the worst options with low interest rates. You may be able to get a short-term CD with a better yield. Unless you NEED the money, invest it long-term and have something of much greater value for your kids.
My husband and I met with an accountant when we first got married, and he told us that the day we graduated from college, we were already behind the 8 ball in terms of preparing for retirement. Scary!