diff --git a/ethstore/src/dir/disk.rs b/ethstore/src/dir/disk.rs
index c8afcc910..ccc84077b 100755
--- a/ethstore/src/dir/disk.rs
+++ b/ethstore/src/dir/disk.rs
@@ -219,6 +219,10 @@ impl<T> KeyDirectory for DiskDirectory<T> where T: KeyFileManager {
 	fn as_vault_provider(&self) -> Option<&VaultKeyDirectoryProvider> {
 		Some(self)
 	}
+
+	fn hash(&self) -> Result<H256, Error> { 
+		self.files_hash() 
+	}
 }
 
 impl<T> VaultKeyDirectoryProvider for DiskDirectory<T> where T: KeyFileManager {
diff --git a/ethstore/src/dir/mod.rs b/ethstore/src/dir/mod.rs
index 6e4326968..11a1a2f23 100755
--- a/ethstore/src/dir/mod.rs
+++ b/ethstore/src/dir/mod.rs
@@ -16,6 +16,7 @@
 
 use std::path::{PathBuf};
 use {SafeAccount, Error};
+use util::{H256, FixedHash};
 
 mod disk;
 mod geth;
@@ -62,6 +63,8 @@ pub trait KeyDirectory: Send + Sync {
 	fn path(&self) -> Option<&PathBuf> { None }
 	/// Return vault provider, if available
 	fn as_vault_provider(&self) -> Option<&VaultKeyDirectoryProvider> { None }
+	/// Returns hash of the directory content, if supported
+	fn hash(&self) -> Result<H256, Error> { Ok(H256::zero()) }
 }
 
 /// Vaults provider
diff --git a/ethstore/src/ethstore.rs b/ethstore/src/ethstore.rs
index 86b6dce46..eecc361e4 100755
--- a/ethstore/src/ethstore.rs
+++ b/ethstore/src/ethstore.rs
@@ -27,6 +27,7 @@ use account::SafeAccount;
 use presale::PresaleWallet;
 use json::{self, Uuid};
 use {import, Error, SimpleSecretStore, SecretStore, SecretVaultRef, StoreAccountRef, Derivation};
+use util::H256;
 
 pub struct EthStore {
 	store: EthMultiStore,
@@ -230,6 +231,7 @@ pub struct EthMultiStore {
 	// order lock: cache, then vaults
 	cache: RwLock<BTreeMap<StoreAccountRef, Vec<SafeAccount>>>,
 	vaults: Mutex<HashMap<String, Box<VaultKeyDirectory>>>,
+	dir_hash: RwLock<Option<H256>>,
 }
 
 impl EthMultiStore {
@@ -244,11 +246,23 @@ impl EthMultiStore {
 			vaults: Mutex::new(HashMap::new()),
 			iterations: iterations,
 			cache: Default::default(),
+			dir_hash: Default::default(),
 		};
 		store.reload_accounts()?;
 		Ok(store)
 	}
 
+	fn reload_if_changed(&self) -> Result<(), Error> {
+		let mut last_dir_hash = self.dir_hash.write();
+		let dir_hash = Some(self.dir.hash()?);
+		if *last_dir_hash == dir_hash {
+			return Ok(())
+		}
+		self.reload_accounts()?;
+		*last_dir_hash = dir_hash;
+		Ok(()) 
+	}
+
 	fn reload_accounts(&self) -> Result<(), Error> {
 		let mut cache = self.cache.write();
 
@@ -284,7 +298,7 @@ impl EthMultiStore {
 			}
 		}
 
-		self.reload_accounts()?;
+		self.reload_if_changed()?;
 		let cache = self.cache.read();
 		let accounts = cache.get(account).ok_or(Error::InvalidAccount)?;
 		if accounts.is_empty() {
@@ -431,7 +445,7 @@ impl SimpleSecretStore for EthMultiStore {
 	}
 
 	fn account_ref(&self, address: &Address) -> Result<StoreAccountRef, Error> {
-		self.reload_accounts()?;
+		self.reload_if_changed()?;
 		self.cache.read().keys()
 			.find(|r| &r.address == address)
 			.cloned()
@@ -439,7 +453,7 @@ impl SimpleSecretStore for EthMultiStore {
 	}
 
 	fn accounts(&self) -> Result<Vec<StoreAccountRef>, Error> {
-		self.reload_accounts()?;
+		self.reload_if_changed()?;
 		Ok(self.cache.read().keys().cloned().collect())
 	}