What should I do with an inheritance?

I'll be graduating from college this fall and I just received a $20,000 inheritance check. I have a high interest savings account that earns 1.05% APY but am just looking for advice on whether that's the best place to store my money or if I should take out a CD (if so, how much and how long? I don't want to be put in a bad situation when I graduate because I can't touch my money without paying a fee) or any other ideas. I'm smart with my money and my credit score is in the 750 range.

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