diff --git a/src/credentials.cpp b/src/credentials.cpp
index ddc6db7becb9..09cf33d62dc9 100644
--- a/src/credentials.cpp
+++ b/src/credentials.cpp
@@ -138,7 +138,7 @@ namespace preferences
 		if(cred == credentials.end()) {
 			return "";
 		}
-		return decrypt(unescape(cred->key), build_key(server, login));
+		return decrypt(cred->key, build_key(server, login));
 	}
 
 	void set_password(const std::string& server, const std::string& login, const std::string& key)
@@ -155,7 +155,7 @@ namespace preferences
 			// This is equivalent to emplace_back, but also returns the iterator to the new element
 			cred = credentials.emplace(credentials.end(), login, server, "");
 		}
-		cred->key = escape(encrypt(key, build_key(server, login)));
+		cred->key = encrypt(key, build_key(server, login));
 	}
 
 	void load_credentials()
@@ -181,7 +181,7 @@ namespace preferences
 			size_t at = elem.find_last_of('@');
 			size_t eq = elem.find_first_of('=', at + 1);
 			if(at != std::string::npos && eq != std::string::npos) {
-				credentials.emplace_back(elem.substr(0, at), elem.substr(at + 1, eq - at - 1), elem.substr(eq + 1));
+				credentials.emplace_back(elem.substr(0, at), elem.substr(at + 1, eq - at - 1), unescape(elem.substr(eq + 1)));
 			}
 		}
 		std::fill(data.begin(), data.end(), '\0');
@@ -200,7 +200,8 @@ namespace preferences
 			credentials_data.put('@');
 			std::copy(cred.server.begin(), cred.server.end(), std::ostreambuf_iterator<char>(credentials_data));
 			credentials_data.put('=');
-			std::copy(cred.key.begin(), cred.key.end(), std::ostreambuf_iterator<char>(credentials_data));
+			std::string key_escaped = escape(cred.key);
+			std::copy(key_escaped.begin(), key_escaped.end(), std::ostreambuf_iterator<char>(credentials_data));
 		}
 		credentials_data.put(CREDENTIAL_SEPARATOR);
 		try {