A password vault ("password manager" or "password wallet") is a digital tool that stores passwords so that users do not have to worry about remembering what their passwords are. Generally, a password vault is known more for securely storing passwords while a password manager is known for also offering additional management services.

A secure password vault is encrypted and offers its user a a variety of functions that make securing and managing passwords easier including

• securely storing usernames and passwords
• offering one "master" password or authentication factor to be used to access all other passwords
• preventing bad password habits such as password reuse and weak password creation
• auto-filling credentials so users can reduce manual effort of authentication

Replacing passwords is an ongoing effort, and password vaults are an excellent method of more securely managing passwords. Make sure to double the security of password managers by enforcing 2FA since there are so many accounts secured in the password vault.