how to read an arraylist from a txt file in java?

my arraylist is the form of:

public class Account {
    String username;
    String password;
}

i managed to put some "Accounts" in the a txt file, but now i don't know how to read them. this is how my arraylist look in the txt file:

username1 password1 | username2 password2 | etc

this is a part of the code i came up with, but it doesn't work. it looks logic to me though... :) .

public static void RdAc(String args[]) {

    ArrayList<Account> peoplelist = new ArrayList<Account>(50);

    int i,i2,i3;
    String[] theword = null;

    try {

         FileReader fr = new FileReader("myfile.txt");

         BufferedReader br = new BufferedReader(fr);

         String line = "";

         while ((line = br.readLine()) != null) {

              String[] theline = line.split(" | "); 


              for (i = 0; i < theline.length; i++) {

                   theword = theline[i].split("  "); 

              }

              for(i3=0;i3<theline.length;i3++)  { 


                   Account people = new Account();

                   for (i2 = 0; i2 < theword.length; i2++) {

                        people.username = theword[i2];
                        people.password = theword[i2+1];
                        peoplelist.add(people);

                   }  
              } 
         }
    }

    catch (IOException ex) {

         System.out.println("Could not read from file");
    }
}