This is exactly what I've done for years. The only difference is that I'm so paranoid about losing my keyfile (and with it all my passwords) that I also put it on the cloud -- just not on the same cloud provider as the keepass database.
Re:On Password Managers
by monster_group on Thursday July 20, 2017 @03:06PM
(#14815394)
Copy it to thumb drive and put in a bank deposit box as a backup. You can then do away with having your key in the cloud.
I use Dropbox to sync the file through multiple computers including my Android phone. I don't fully trust Dropbox for sensible stuff, but since the passwords file is encrypted by KeePass, I consider that if Dropbox ever gets compromised, they won't be able to access the contents of the file right away without a lot of work.
The passwords file uses a long password, one of the few passwords I still have to remember, plus I use a keyfile for encrypting the file. That file is not allowed to be uploaded to the cloud. I have a copy of the keyfile in my laptop, another one on my Android phone, and another one on a Veracrypt partition in my thumb drive.
It is not a perfect setup, because I still have a few issues that I haven't considered, such as how should I proceed if my phone or laptop bag ever get lost or stolen; but it's convenient for me at this moment.