Sitting on the pier (which I hope to be doing by the end of next month or early in May) I use a 5 gallon pail, 3/4 full of lake water, and a Rapala aerator and I make sure that I change the aerator stone at the beginning of each season. I tried a frabill aerator for a season and wasn't happy with it. Using Energizer or Duracell batteries didn't make a difference, it ate them like candy and the cheap dollar store batteries were even worse.
I catch my own bait and regardless of what time of the season it is, on the suggestion of a bait dealer I used to go to, I always put a bottle of frozen water (usually a 2L pop bottle) into the water. IF I'm not planning on a longer day, I'll use my smaller bait bucket with the aerator but still put a smaller frozen bottle of water into it as it does help keep them alive considerably longer.
The other thing to remember is, regardless of how big or small the bait bucket you use is, the more bait you put into it, the more likely they'll start to die on you if you don't have a decent aerator. They'll suffocate.
Also keep in mind that you're legally only allowed 120 whether store bought, self caught, dead or alive and this also includes any you may have with you that you've salted and/or frozen.