I have found taxonomy is less important than I initially imagined due the magic of autofill. Properly configured autofill will only show the one (or few) vault entries that belong to the web page or mobile app you are accessing.
Much more important to me is carefully naming vault entries (“Item name”). For example, I have three vault entries for Google.com. I have named them:
- me - Google
- spouse - Google
- kid - Google
They all have a their url set to “https://accounts.google.com/” with exact match detection. When I am on the google login page, these three entries (and only these three entries) show up in autofill menu. Since the most significant word (to me) is first, it is easy to select the entry I want. And because the list is sorted most-recently-used, often times I am looking for the first entry. The missing bit is windows/mac native apps. “Autotype” (similar to autofill) is reportedly in development.
Nowadays, I only use folders for vault maintenance. For example, one folder for my accounts at my employer, one for the non-profit I donate time to, one for a group of accounts that share a common password, etc.
The primary problem with a name like “[Area] / [Subject] / [Service] / [Account]” is truncation. Much easier is to reverse it and then use “search” when one wants to narrow down the field.