I usually buy a large bag of the instant yeast and keep it in the frig. If I have the small packets I just keep them in the cupboard because they get used soon after I buy them. Check the best before date on the yeast because stale yeast most likely will not rise. I've never frozen yeast.
I buy my yeast from the co-op where it's in premade bags (they buy it in bulk) in the fridge -- so at home I store it in the fridge. It doesn't have an expiry date so I replace the bag when it starts to proof slower.
I just bought a jar of Bread Machine yeast (4 OZ size). It says to refrigerate after opening and use within 6 months. Use no later than the date stamped on the lid (if unopened) which is June 20 '09. So if I had not opened the jar I could keep it till June 09.
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