There is a mod called Magic Storage and it does what you're looking for, but regular Terraria does not have native mod support, only resource packs that change sprites and audio.
You'll need to download Tmodloader and install it there, Tmodloader uses separate saves but you can transfer them by just moving the files around if the game versions match (back them up first).
Once you've installed Tmodloader, launch it like its own game, you'll still need Terraria installed.

https://steamhost.cn/app/1281930/tModLoader/
https://steamhost.cn/steamcommunity_com/sharedfiles/filedetails/?id=2563309347&searchtext=magic+storage

I've heard there's some issue with the Terraria 1.4 version if you're playing multiplayer, though I almost exclusively play 1.3 so I wouldn't know much about it