Which is better? Saving your money at the bank or have it invest on Life/educational/retirement plans?

If you're looking at saving for long term, it's advisable to invest your money on investment companies for pension, education, or insurance. This gives you higher return over the years, and will surely benefit you when the maturity date comes. For short term, meaning you might be needing the money at any time, it's better to also have savings in the bank to you won't have to worry about any early termination fees. So to answer your question, it's good to have savings on both bank and investment companies.