A PVC pipe is closed at one end with a cap. Small holes are provided in the pipe for fresh water exchange from the interior of the pipe to the exterior. A screw-off top cap enables bait to be inserted or removed from within the pipe. A stainless chain with snap hook is attached to the top of the pipe, and serves as a tether to limit the distance between the live bait keeper and a firm anchor, such as an eye-bolt or the like installed on a fish house or water craft. The container is non-corrosive, will not break when left in an ice hole that is later chipped open, and will preserve the bait in an ice hole during the winter or in open water during summer heat.