Where to put MBA Savings?

I can't advise you on where to put it, but I personally put ~75% of my savings in an index fund and the rest in random equities that I am interested in. Obviously this is a much higher risk investment strategy than putting your savings in a high-interest savings account, but it really depends on your risk tolerance. There is no right answer.

It just depends on your risk tolerance. For me, I valued not having to take out loans over maximizing returns so I put the majority in CDs and just my retirement (long term time horizon) in equities.

One option would be a target-date fund that has a 5-10 year horizon (2025 Target Date Fund). These are basically retirement index funds meant for people who will be retiring in the next few years.

Bit more upside than CD's but also not over-exposed to equities in the event of a downturn.

Check out WFC-L and BAC-L (preferred stock). They are yielding 5.6-5.8% currently (after-tax yields of ~4.8-5%). Now if interest rates rise a lot, their prices obviously could fall, but barring that it beats a CD; the interesting thing is their prices are actually higher than a year ago despite the 10 year rising from 2.2% to 3%, so maybe they are less sensitive to that than you'd think.

Betterment just started offering a "Smart Saver" product. Worth taking a look.

5 years is a long enough time horizon though that I think an S&P 500 index might make the most sense. Comes down to personal risk tolerance for sure though.