Abstract: A combination rail saver and key holder in which a pocket end of the rail saver is folded over on itself to define a pocket. A first fastener element is attached to the front interior surface and the front exterior surface of the pocket and a complementary second fastener element is attached at an anchor part to the back interior surface of the pocket, leaving a flap part free and projecting outwardly from the opening. A key inserted in the pocket is retained by two independent mechanisms: the fastener element on the front interior surface can be attached to the anchor part of the second fastener element and the flap part can be folded over and engage with the first fastener element on the front exterior surface of the pocket. Alternatively, the pocket can be formed with a separate pocket segment attached to the strap instead of folding over one end of the strap.