A container assembly (10) for retaining a liquid (16) during aging of the liquid (16) includes a container (12), a flavor insert (224) and an insert retainer (222). The container (12) defines a chamber (226) that retains the liquid (16). Further, the container (12) includes a wall (228A) having a container opening (228D) and a movable section (18) that selectively closes the container opening (228D). The flavor insert (224) imparts a flavor on the liquid (16). The insert retainer (222) is positioned in the chamber (226). The insert retainer (222) selectively retains the flavor insert (224) in the chamber (226) so that the flavor insert (224) can selectively removed from the insert retainer (222) and the container (12) via the container opening (228D) when the container (12) retains the liquid (16). In one embodiment, the flavor insert (224) can be selectively inserted into the insert retainer (222) via the container opening (228D) when the container (12) is retaining the liquid (16).