Putting the money in a bank won’t do anything except increase the money supply further due to the money multiplier. Basically, banks lend their deposits out, so your money goes right back into the economy. Even worse, you can get at and spend your money at any time, so it’s just like you still have the money. The net effect is that when you deposit $1 in the bank, and the bank lends out 90 cents of your dollar, the money supply has grown by 90 cents.
And that’s just the first-order effect. Whoever gets the loan will likely either spend it or deposit it in a bank. If they spend it, whoever they spend the money with will likely either spend it or put it in the bank. You can repeat that argument indefinitely, and in the end, it’s highly likely that 90 cents is going to be deposited in a bank somewhere, and that bank will go and lend 81 cents.
When you do the math, you discover that if the banks only keep 10% of the deposits in their vaults and lend out the rest, for every 1 dollar that is deposited in a bank, an extra $9 shows up in the money supply. So if you’re trying to single-handedly prevent inflation, putting the money in a bank is about the worst thing you could do.