diff --git a/lbry/wallet/account.py b/lbry/wallet/account.py
index 06af360d38..c939d7ee91 100644
--- a/lbry/wallet/account.py
+++ b/lbry/wallet/account.py
@@ -39,9 +39,14 @@ def __init__(self, account: 'Account'):
         self.account = account
         self.last_known = 0
         self.cache = {}
-        self.private_key: Optional[PrivateKey] = None
-        if account.private_key is not None:
-            self.private_key = account.private_key.child(KeyPath.CHANNEL)
+        self._private_key: Optional[PrivateKey] = None
+
+    @property
+    def private_key(self):
+        if self._private_key is None:
+            if self.account.private_key is not None:
+                self._private_key = self.account.private_key.child(KeyPath.CHANNEL)
+        return self._private_key
 
     def maybe_generate_deterministic_key_for_channel(self, txo):
         if self.private_key is None:
diff --git a/tests/integration/blockchain/test_wallet_commands.py b/tests/integration/blockchain/test_wallet_commands.py
index ab11d930db..81c98865fb 100644
--- a/tests/integration/blockchain/test_wallet_commands.py
+++ b/tests/integration/blockchain/test_wallet_commands.py
@@ -365,6 +365,13 @@ async def test_encryption_with_imported_channel(self):
         self.assertEqual(daemon2.jsonrpc_wallet_status(),
                          {'is_locked': False, 'is_encrypted': True, 'is_syncing': False})
 
+    async def test_locking_unlocking_does_not_break_deterministic_channels(self):
+        self.assertTrue(self.daemon.jsonrpc_wallet_encrypt("password"))
+        self.assertTrue(self.daemon.jsonrpc_wallet_lock())
+        self.account.deterministic_channel_keys._private_key = None
+        self.assertTrue(self.daemon.jsonrpc_wallet_unlock("password"))
+        await self.channel_create()
+
     async def test_sync_with_encryption_and_password_change(self):
         daemon, daemon2 = self.daemon, self.daemon2
         wallet, wallet2 = daemon.wallet_manager.default_wallet, daemon2.wallet_manager.default_wallet