I suggest that you provide a toolbar with the most important actions like:
- New Login
- New Element (with pull-down menu for element type)
- New Folder
- Separator Line
- Search Vault
- Synchronize Vault
- Password Generator
- Lock Vault
This are just some examples.
A toolbar is for the user just one moue click.
Using menu items it means more mouse clicks.
And a toolbar is more intuitive to handle (better usability).