diff --git a/acctmgr.go b/acctmgr.go
index 6e6dd86..7790d9b 100644
--- a/acctmgr.go
+++ b/acctmgr.go
@@ -31,6 +31,7 @@ import (
 	"path/filepath"
 	"strings"
 	"sync"
+	"time"
 )
 
 // Errors relating to accounts.
@@ -44,45 +45,56 @@ var (
 // AcctMgr is the global account manager for all opened accounts.
 var AcctMgr = NewAccountManager()
 
-type openAccountsCmd struct{}
+type (
+	openAccountsCmd struct{}
 
-type accessAccountRequest struct {
-	name string
-	resp chan *Account
+	accessAccountRequest struct {
+		name string
+		resp chan *Account
+	}
+
+	accessAllRequest struct {
+		resp chan []*Account
+	}
+
+	accessAccountByAddressRequest struct {
+		address string
+		resp    chan *Account
+	}
+
+	markAddressForAccountCmd struct {
+		address string
+		account *Account
+	}
+
+	addAccountCmd struct {
+		a *Account
+	}
+
+	removeAccountCmd struct {
+		a *Account
+	}
+
+	quitCmd struct{}
+)
+
+type unlockRequest struct {
+	passphrase []byte
+	timeout    time.Duration // Zero value prevents the timeout.
+	err        chan error
 }
 
-type accessAllRequest struct {
-	resp chan []*Account
-}
-
-type accessAccountByAddressRequest struct {
-	address string
-	resp    chan *Account
-}
-
-type markAddressForAccountCmd struct {
-	address string
-	account *Account
-}
-
-type addAccountCmd struct {
-	a *Account
-}
-
-type removeAccountCmd struct {
-	a *Account
-}
-
-type quitCmd struct{}
-
 // AccountManager manages a collection of accounts.
 type AccountManager struct {
 	// The accounts accessed through the account manager are not safe for
 	// concurrent access.  The account manager therefore contains a
 	// binary semaphore channel to prevent incorrect access.
-	bsem       chan struct{}
-	cmdChan    chan interface{}
-	rescanMsgs chan RescanMsg
+	bsem           chan struct{}
+	cmdChan        chan interface{}
+	rescanMsgs     chan RescanMsg
+	unlockRequests chan unlockRequest
+	lockRequests   chan struct{}
+	unlockedState  chan bool
 
 	ds *DiskSyncer
 	rm *RescanManager
@@ -94,10 +106,14 @@ type AccountManager struct {
 // NewAccountManager returns a new AccountManager.
 func NewAccountManager() *AccountManager {
 	am := &AccountManager{
-		bsem:       make(chan struct{}, 1),
-		cmdChan:    make(chan interface{}),
-		rescanMsgs: make(chan RescanMsg, 1),
-		quit:       make(chan struct{}),
+		bsem:           make(chan struct{}, 1),
+		cmdChan:        make(chan interface{}),
+		rescanMsgs:     make(chan RescanMsg, 1),
+		unlockRequests: make(chan unlockRequest),
+		lockRequests:   make(chan struct{}),
+		unlockedState:  make(chan bool),
+
+		quit: make(chan struct{}),
 	}
 	am.ds = NewDiskSyncer(am)
 	am.rm = NewRescanManager(am.rescanMsgs)
@@ -109,8 +125,9 @@ func (am *AccountManager) Start() {
 	// Ready the semaphore - can't grab unless the manager has started.
 	am.bsem <- struct{}{}
 
-	am.wg.Add(2)
+	am.wg.Add(3)
 	go am.accountHandler()
+	go am.keystoreLocker()
 	go am.rescanListener()
 
 	go am.ds.Start()
@@ -474,6 +491,53 @@ out:
 	am.wg.Done()
 }
 
+// keystoreLocker manages the lockedness state of all account keystores.
+func (am *AccountManager) keystoreLocker() {
+	unlocked := false
+	var timeout <-chan time.Time
+out:
+	for {
+		select {
+		case req := <-am.unlockRequests:
+			for _, a := range am.AllAccounts() {
+				if err := a.Unlock(req.passphrase); err != nil {
+					req.err <- err
+					continue out
+				}
+			}
+			unlocked = true
+			if req.timeout == 0 {
+				timeout = nil
+			} else {
+				timeout = time.After(req.timeout)
+			}
+			req.err <- nil
+			continue
+
+		case am.unlockedState <- unlocked:
+			continue
+
+		case <-am.quit:
+			break out
+
+		case <-am.lockRequests:
+		case <-timeout:
+		}
+
+		// Select statement fell through by an explicit lock or the
+		// timer expiring.  Lock the keystores here.
+		timeout = nil
+		for _, a := range am.AllAccounts() {
+			if err := a.Lock(); err != nil {
+				log.Errorf("Could not lock wallet for account '%s': %v",
+					a.name, err)
+			}
+		}
+		unlocked = false
+	}
+	am.wg.Done()
+}
+
 // rescanListener listens for messages from the rescan manager and marks
 // accounts and addresses as synced.
 func (am *AccountManager) rescanListener() {
@@ -782,75 +846,43 @@ func (am *AccountManager) CreateEncryptedWallet(passphrase []byte) error {
 // ChangePassphrase unlocks all account wallets with the old
 // passphrase, and re-encrypts each using the new passphrase.
 func (am *AccountManager) ChangePassphrase(old, new []byte) error {
-	accts := am.AllAccounts()
-
-	for _, a := range accts {
-		if !a.IsLocked() {
-			if err := a.Wallet.Lock(); err != nil {
-				return err
-			}
-		}
-
-		if err := a.Wallet.Unlock(old); err != nil {
-			return err
-		}
-		defer func(a *Account) {
-			if err := a.Lock(); err != nil {
-				log.Warnf("Cannot lock account: %v", err)
-			}
-		}(a)
+	// Keystores must be unlocked to change their passphrase.
+	err := am.UnlockWallets(old, 0)
+	if err != nil {
+		return err
 	}
 
+	accts := am.AllAccounts()
+
 	// Change passphrase for each unlocked wallet.
 	for _, a := range accts {
-		if err := a.Wallet.ChangePassphrase(new); err != nil {
+		err = a.Wallet.ChangePassphrase(new)
+		if err != nil {
 			return err
 		}
 	}
 
+	am.LockWallets()
+
 	// Immediately write out to disk.
 	return am.ds.WriteBatch(accts)
 }
 
 // LockWallets locks all managed account wallets.
-func (am *AccountManager) LockWallets() error {
-	for _, a := range am.AllAccounts() {
-		if err := a.Lock(); err != nil {
-			return err
-		}
-	}
-
-	return nil
+func (am *AccountManager) LockWallets() {
+	am.lockRequests <- struct{}{}
 }
 
-// UnlockWallets unlocks all managed account's wallets.  If any wallet unlocks
-// fail, all successfully unlocked wallets are locked again.
-func (am *AccountManager) UnlockWallets(passphrase string) (err error) {
-	accts := am.AllAccounts()
-
-	unlockedAccts := make([]*Account, 0, len(accts))
-	defer func() {
-		// Lock all account wallets unlocked during this call
-		// if any of the unlocks failed.
-		if err != nil {
-			for _, ua := range unlockedAccts {
-				if err := ua.Lock(); err != nil {
-					log.Warnf("Cannot lock account '%s': %v",
-						ua.name, err)
-				}
-			}
-		}
-	}()
-
-	for _, a := range accts {
-		if uErr := a.Unlock([]byte(passphrase)); uErr != nil {
-			err = fmt.Errorf("cannot unlock account %v: %v",
-				a.name, uErr)
-			return
-		}
-		unlockedAccts = append(unlockedAccts, a)
+// UnlockWallets unlocks all managed account's wallets, locking them again after
+// the timeout expires, or resetting a previous timeout if one is still running.
+func (am *AccountManager) UnlockWallets(passphrase []byte, timeout time.Duration) error {
+	req := unlockRequest{
+		passphrase: passphrase,
+		timeout:    timeout,
+		err:        make(chan error, 1),
 	}
-	return
+	am.unlockRequests <- req
+	return <-req.err
 }
 
 // DumpKeys returns all WIF-encoded private keys associated with all
diff --git a/rpcserver.go b/rpcserver.go
index f6bce43..ed1c7e4 100644
--- a/rpcserver.go
+++ b/rpcserver.go
@@ -1675,7 +1675,7 @@ func ListAccounts(icmd btcjson.Cmd) (interface{}, error) {
 	return AcctMgr.ListAccounts(cmd.MinConf), nil
 }
 
-// ListLockUnspent handles a listlockunspent request by returning an array of
+// ListLockUnspent handles a listlockunspent request by returning an slice of
 // all locked outpoints.
 func ListLockUnspent(icmd btcjson.Cmd) (interface{}, error) {
 	// Due to our poor account support, this assumes only the default
@@ -2691,32 +2691,17 @@ func VerifyMessage(icmd btcjson.Cmd) (interface{}, error) {
 
 // WalletIsLocked handles the walletislocked extension request by
 // returning the current lock state (false for unlocked, true for locked)
-// of an account.  An error is returned if the requested account does not
-// exist.
+// of an account.
 func WalletIsLocked(icmd btcjson.Cmd) (interface{}, error) {
-	// Type assert icmd to access parameters.
-	cmd, ok := icmd.(*btcws.WalletIsLockedCmd)
-	if !ok {
-		return nil, btcjson.ErrInternal
-	}
-
-	a, err := AcctMgr.Account(cmd.Account)
-	if err != nil {
-		if err == ErrNotFound {
-			return nil, btcjson.ErrWalletInvalidAccountName
-		}
-		return nil, err
-	}
-
-	return a.Wallet.IsLocked(), nil
+	return !<-AcctMgr.unlockedState, nil
 }
 
 // WalletLock handles a walletlock request by locking the all account
 // wallets, returning an error if any wallet is not encrypted (for example,
 // a watching-only wallet).
 func WalletLock(icmd btcjson.Cmd) (interface{}, error) {
-	err := AcctMgr.LockWallets()
-	return nil, err
+	AcctMgr.LockWallets()
+	return nil, nil
 }
 
 // WalletPassphrase responds to the walletpassphrase request by unlocking
@@ -2729,21 +2714,9 @@ func WalletPassphrase(icmd btcjson.Cmd) (interface{}, error) {
 		return nil, btcjson.ErrInternal
 	}
 
-	if err := AcctMgr.UnlockWallets(cmd.Passphrase); err != nil {
-		return nil, err
-	}
-
-	go func(timeout int64) {
-		time.Sleep(time.Second * time.Duration(timeout))
-		AcctMgr.Grab()
-		defer AcctMgr.Release()
-		err := AcctMgr.LockWallets()
-		if err != nil {
-			log.Warnf("Cannot lock account wallets: %v", err)
-		}
-	}(cmd.Timeout)
-
-	return nil, nil
+	timeout := time.Second * time.Duration(cmd.Timeout)
+	err := AcctMgr.UnlockWallets([]byte(cmd.Passphrase), timeout)
+	return nil, err
 }
 
 // WalletPassphraseChange responds to the walletpassphrasechange request
diff --git a/wallet/wallet.go b/wallet/wallet.go
index b5674b1..d4a6bf2 100644
--- a/wallet/wallet.go
+++ b/wallet/wallet.go
@@ -2367,14 +2367,6 @@ func (a *btcAddress) unlock(key []byte) (privKeyCT []byte, err error) {
 		return nil, errors.New("unable to unlock unencrypted address")
 	}
 
-	// If secret is already saved, return a copy without performing a full
-	// unlock.
-	if len(a.privKeyCT) == 32 {
-		privKeyCT := make([]byte, 32)
-		copy(privKeyCT, a.privKeyCT)
-		return privKeyCT, nil
-	}
-
 	// Decrypt private key with AES key.
 	aesBlockDecrypter, err := aes.NewCipher(key)
 	if err != nil {
@@ -2384,6 +2376,16 @@ func (a *btcAddress) unlock(key []byte) (privKeyCT []byte, err error) {
 	privkey := make([]byte, 32)
 	aesDecrypter.XORKeyStream(privkey, a.privKey[:])
 
+	// If secret is already saved, simply compare the bytes.
+	if len(a.privKeyCT) == 32 {
+		if !bytes.Equal(a.privKeyCT, privkey) {
+			return nil, ErrWrongPassphrase
+		}
+		privKeyCT := make([]byte, 32)
+		copy(privKeyCT, a.privKeyCT)
+		return privKeyCT, nil
+	}
+
 	x, y := btcec.S256().ScalarBaseMult(privkey)
 	if x.Cmp(a.pubKey.X) != 0 || y.Cmp(a.pubKey.Y) != 0 {
 		return nil, ErrWrongPassphrase