What's the best way to store flour?

I've heard air tight containers work best for keeping flour as well as keeping it in a Ziploc freezer bag, but in the freezer. What is truly best for longevity for flour? I'm wondering because we are revamping a pantry and if I can save money from not purchasing containers we'll be able to use funds for other projects. We've seen some of those very cool, very expensive OXO Pop Top clear acrylic containers. Just don't want to spend a ton unnecessarily on things like that if storing flour in the freezer will suffice. Will this work for white granulated sugar too (in the freezer, that is). I wouldn't dream of subjecting my brown sugar to the freezer though ;)! Thanks!