diff --git a/lib/Onyx.js b/lib/Onyx.js
index b2f8290c9..f992b57b5 100644
--- a/lib/Onyx.js
+++ b/lib/Onyx.js
@@ -270,8 +270,9 @@ function keysChanged(collectionKey, collection) {
  *
  * @param {string} key
  * @param {mixed} data
+ * @param {boolean} [hasNewValue=true]
  */
-function keyChanged(key, data) {
+function keyChanged(key, data, hasNewValue = true) {
     // Add or remove this key from the recentlyAccessedKeys lists
     if (!_.isNull(data)) {
         addLastAccessedKey(key);
@@ -282,6 +283,11 @@ function keyChanged(key, data) {
     // Find all subscribers that were added with connect() and trigger the callback or setState() with the new data
     _.each(callbackToStateMapping, (subscriber) => {
         if (subscriber && isKeyMatch(subscriber.key, key)) {
+            // If data is not new then only trigger the callback or setState() for subscribers
+            // which are not initialized with Stored value
+            if (!hasNewValue && (subscriber.initWithStoredValues !== false)) {
+                return;
+            }
             if (_.isFunction(subscriber.callback)) {
                 subscriber.callback(data, key);
             }
@@ -475,16 +481,19 @@ function evictStorageAndRetry(error, ionMethod, ...args) {
  * @returns {Promise}
  */
 function set(key, val) {
-    // Skip writing to storage if the value hasn't changed
-    if (cache.hasCacheForKey(key) && _.isEqual(val, cache.getValue(key))) {
-        return Promise.resolve();
-    }
+    const shouldCacheNewValue = !cache.hasCacheForKey(key) || !_.isEqual(val, cache.getValue(key));
 
     // Adds the key to cache when it's not available
-    cache.set(key, val);
+    if (shouldCacheNewValue) {
+        cache.set(key, val);
+    }
 
     // Optimistically inform subscribers on the next tick
-    Promise.resolve().then(() => keyChanged(key, val));
+    Promise.resolve().then(() => keyChanged(key, val, shouldCacheNewValue));
+
+    if (!shouldCacheNewValue) {
+        return Promise.resolve();
+    }
 
     // Write the thing to persistent storage, which will trigger a storage event for any other tabs open on this domain
     return AsyncStorage.setItem(key, JSON.stringify(val))