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First, I'd find a better bank. My bank pays 2% on my checking account. 1% on savings is lame.
Then I'd forget about whatever big investment it's being saved for and think retirement. If you're in your 30's and can sit on it for another 30. Roll it into some muni's and you can retire in your 60's with about $2 million. Keep the $2 mil invested earning around 6% and live off of the $120,000/yr interest.
At the very least, I would want to try to keep that $60K to invest for retirement, so I'd invest in a solid muni and delay my school/house plans for 6 or 7 years. At which point the $60K should be $120K. Then keep the original $60k invested and use what's needed for school or a home.
Find a good Broker and he/she will show you the way. Edward Jones is a great company with an outstanding track record. I've had poor experiences with some of the other large brokers.
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