First, money put in a bank savings account is used by the bank to make loans. Its not put in a hole in the ground. Money put into bonds is spent by the issuer.

First, money put in a bank savings account is used by the bank to make loans. Its not put in a hole in the ground. Money put into bonds is spent by the issuer. Etc. Second, even if it did, the effect can be (and will be) counteracted by the Fed putting more money into circulation.