I buy my tea from David's Tea and it comes in little silver tins or silver bags, so I just have it all in a cupboard. Loose tea should be stored in an airtight container - even ziplock bags would work I guess.
We have a shallow drawer, inside a deep cabinet, devoted to tea. Most of the the tea is in tins or the boxes they came in with the foil liners. Some of the boxes are in ziplock bags as well...probably a carryover from the way they had been stored before we moved them to this cabinet.
I store mine in airtight ceramic canisters with the locking lids. I have a set so I have loose tea in the smaller one and different teas in the other sizes.