As usual, I'm gonna be "that guy"...
Put it in your savings! You've already got a top-notch bass (unless it has a problem we don't know of)
I'm gonna be "that other guy". THis is a terrible idea. A savings account holding $1600 will lose money due to inflation. A mutual fund stands a better chance to make you some money. Assuming no recession in the next five years a fund that invests in chip manufactuers and software could easily double your money in five years.
Think what a nice bass you could buy with $3000, and as a free bonus you will be a much better player by then and can really enjoy an expensive bass!
The rest of the money goes to retirement.