It's not airtight, but I use a big metal trashcan. So far it's kept out all critters (I switched after a squirrel chewed into my old one), rain, and everything else. I've never had a problem with feed getting moldy or being unusable after being stored in it.
My worry is that we are in Hawai'i and it rains everyday where I live. EVERYTHING gets moldy here, especially clothes in the dresser, bread the second day after buying it-you name it. It's a big problem. If I were in Arizona I wouldn't worry but it's just so dang humid here. I'm not complaining tho! I love it here!!!