Some plastics are food grade, some are not. And, some toxins can permeate plastic, so don't store your drinking water in the garage.
If you use food grade polyethylene you should be fine. Translucent polyethylene has no coloring added (I believe), and black polyethylene normally uses carbon as a pigment. I have no idea what other colors use, and I am sure it varies.
Some claim polycarbonate leaches things into water, especially when heated.
Water containers (large ones) conforming to National Sanitation Foundation standard NSF-61 are certified to not add contaminants to drinking water. See here:
http://www.nsf.org/business/water_distribution/standard61_overview.asp?program=WaterDistributionSys
You can get small water tanks that carry NSF-61 certification from, for example, Norwesco (or their distributors):
www.norwesco.com
These are the tanks that I often specify for small public water systems that I design. You can get a tank that holds several hundred gallons for a couple of hundred bucks. (Water storage is usually around a dollar a gallon.)
If you are worried about it, keep an activated charcoal filter handy for when you do use the water. If you wanted to do long term storage ina Norwesco or similar tank, I would recommend a filter. They don't seal hermetically, so you never know.
The main problem is that the water you put in the tanks has dissolved nutrients in it, so bugs can grow. Theoretically, jugs of distilled water should last forever.
Scott