diff --git a/src/keystore.cpp b/src/keystore.cpp
index 2a4c88d56..81b7b076f 100644
--- a/src/keystore.cpp
+++ b/src/keystore.cpp
@@ -71,3 +71,9 @@ bool CBasicKeyStore::HaveWatchOnly(const CScript &dest) const
     LOCK(cs_KeyStore);
     return setWatchOnly.count(dest) > 0;
 }
+
+bool CBasicKeyStore::HaveWatchOnly() const
+{
+    LOCK(cs_KeyStore);
+    return (!setWatchOnly.empty());
+}
diff --git a/src/keystore.h b/src/keystore.h
index 72411a138..f10e24f36 100644
--- a/src/keystore.h
+++ b/src/keystore.h
@@ -50,6 +50,7 @@ public:
     // Support for Watch-only addresses
     virtual bool AddWatchOnly(const CScript &dest) =0;
     virtual bool HaveWatchOnly(const CScript &dest) const =0;
+    virtual bool HaveWatchOnly() const =0;
 };
 
 typedef std::map<CKeyID, CKey> KeyMap;
@@ -107,6 +108,7 @@ public:
 
     virtual bool AddWatchOnly(const CScript &dest);
     virtual bool HaveWatchOnly(const CScript &dest) const;
+    virtual bool HaveWatchOnly() const;
 };
 
 typedef std::vector<unsigned char, secure_allocator<unsigned char> > CKeyingMaterial;
diff --git a/src/qt/overviewpage.cpp b/src/qt/overviewpage.cpp
index b5a3de48c..8eed0856e 100644
--- a/src/qt/overviewpage.cpp
+++ b/src/qt/overviewpage.cpp
@@ -160,18 +160,25 @@ void OverviewPage::setBalance(qint64 balance, qint64 unconfirmedBalance, qint64
     // for the non-mining users
     bool showImmature = immatureBalance != 0;
     bool showWatchOnlyImmature = watchImmatureBalance != 0;
-    bool showWatchOnly = (watchOnlyBalance != 0 || watchUnconfBalance != 0 || showWatchOnlyImmature);
 
     // for symmetry reasons also show immature label when the watch-only one is shown
     ui->labelImmature->setVisible(showImmature || showWatchOnlyImmature);
     ui->labelImmatureText->setVisible(showImmature || showWatchOnlyImmature);
-    ui->labelSpendable->setVisible(showWatchOnly);              // show spendable label (only when watch-only is active)
-    ui->labelWatchonly->setVisible(showWatchOnly);              // show watch-only label
-    ui->lineWatchBalance->setVisible(showWatchOnly);            // show watch-only balance separator line
-    ui->labelWatchAvailable->setVisible(showWatchOnly);         // show watch-only available balance
     ui->labelWatchImmature->setVisible(showWatchOnlyImmature);  // show watch-only immature balance
-    ui->labelWatchPending->setVisible(showWatchOnly);           // show watch-only pending balance
-    ui->labelWatchTotal->setVisible(showWatchOnly);             // show watch-only total balance
+}
+
+// show/hide watch-only labels
+void OverviewPage::updateWatchOnlyLabels(bool showWatchOnly)
+{
+    ui->labelSpendable->setVisible(showWatchOnly);      // show spendable label (only when watch-only is active)
+    ui->labelWatchonly->setVisible(showWatchOnly);      // show watch-only label
+    ui->lineWatchBalance->setVisible(showWatchOnly);    // show watch-only balance separator line
+    ui->labelWatchAvailable->setVisible(showWatchOnly); // show watch-only available balance
+    ui->labelWatchPending->setVisible(showWatchOnly);   // show watch-only pending balance
+    ui->labelWatchTotal->setVisible(showWatchOnly);     // show watch-only total balance
+
+    if (!showWatchOnly)
+        ui->labelWatchImmature->hide();
 }
 
 void OverviewPage::setClientModel(ClientModel *model)
@@ -208,6 +215,9 @@ void OverviewPage::setWalletModel(WalletModel *model)
         connect(model, SIGNAL(balanceChanged(qint64, qint64, qint64, qint64, qint64, qint64)), this, SLOT(setBalance(qint64, qint64, qint64, qint64, qint64, qint64)));
 
         connect(model->getOptionsModel(), SIGNAL(displayUnitChanged(int)), this, SLOT(updateDisplayUnit()));
+
+        updateWatchOnlyLabels(model->haveWatchOnly());
+        connect(model, SIGNAL(notifyWatchonlyChanged(bool)), this, SLOT(updateWatchOnlyLabels(bool)));
     }
 
     // update the display unit, to not use the default ("BTC")
diff --git a/src/qt/overviewpage.h b/src/qt/overviewpage.h
index fe0010677..f46374efb 100644
--- a/src/qt/overviewpage.h
+++ b/src/qt/overviewpage.h
@@ -58,6 +58,7 @@ private slots:
     void updateDisplayUnit();
     void handleTransactionClicked(const QModelIndex &index);
     void updateAlerts(const QString &warnings);
+    void updateWatchOnlyLabels(bool showWatchOnly);
 };
 
 #endif // OVERVIEWPAGE_H
diff --git a/src/qt/walletmodel.cpp b/src/qt/walletmodel.cpp
index 0ad123f39..30c9ecc96 100644
--- a/src/qt/walletmodel.cpp
+++ b/src/qt/walletmodel.cpp
@@ -36,6 +36,7 @@ WalletModel::WalletModel(CWallet *wallet, OptionsModel *optionsModel, QObject *p
     cachedNumBlocks(0)
 {
     fProcessingQueuedTransactions = false;
+    fHaveWatchOnly = wallet->HaveWatchOnly();
 
     addressTableModel = new AddressTableModel(wallet, this);
     transactionTableModel = new TransactionTableModel(wallet, this);
@@ -81,6 +82,11 @@ qint64 WalletModel::getImmatureBalance() const
     return wallet->GetImmatureBalance();
 }
 
+bool WalletModel::haveWatchOnly() const
+{
+    return fHaveWatchOnly;
+}
+
 qint64 WalletModel::getWatchBalance() const
 {
     return wallet->GetWatchOnlyBalance();
@@ -144,9 +150,15 @@ void WalletModel::checkBalanceChanged()
     qint64 newBalance = getBalance();
     qint64 newUnconfirmedBalance = getUnconfirmedBalance();
     qint64 newImmatureBalance = getImmatureBalance();
-    qint64 newWatchOnlyBalance = getWatchBalance();
-    qint64 newWatchUnconfBalance = getWatchUnconfirmedBalance();
-    qint64 newWatchImmatureBalance = getWatchImmatureBalance();
+    qint64 newWatchOnlyBalance = 0;
+    qint64 newWatchUnconfBalance = 0;
+    qint64 newWatchImmatureBalance = 0;
+    if (haveWatchOnly())
+    {
+        newWatchOnlyBalance = getWatchBalance();
+        newWatchUnconfBalance = getWatchUnconfirmedBalance();
+        newWatchImmatureBalance = getWatchImmatureBalance();
+    }
 
     if(cachedBalance != newBalance || cachedUnconfirmedBalance != newUnconfirmedBalance || cachedImmatureBalance != newImmatureBalance ||
         cachedWatchOnlyBalance != newWatchOnlyBalance || cachedWatchUnconfBalance != newWatchUnconfBalance || cachedWatchImmatureBalance != newWatchImmatureBalance)
@@ -185,6 +197,12 @@ void WalletModel::updateAddressBook(const QString &address, const QString &label
         addressTableModel->updateEntry(address, label, isMine, purpose, status);
 }
 
+void WalletModel::updateWatchOnlyFlag(bool fHaveWatchonly)
+{
+    fHaveWatchOnly = fHaveWatchonly;
+    emit notifyWatchonlyChanged(fHaveWatchonly);
+}
+
 bool WalletModel::validateAddress(const QString &address)
 {
     CBitcoinAddress addressParsed(address.toStdString());
@@ -499,6 +517,12 @@ static void ShowProgress(WalletModel *walletmodel, const std::string &title, int
     }
 }
 
+static void NotifyWatchonlyChanged(WalletModel *walletmodel, bool fHaveWatchonly)
+{
+    QMetaObject::invokeMethod(walletmodel, "updateWatchOnlyFlag", Qt::QueuedConnection,
+                              Q_ARG(bool, fHaveWatchonly));
+}
+
 void WalletModel::subscribeToCoreSignals()
 {
     // Connect signals to wallet
@@ -506,6 +530,7 @@ void WalletModel::subscribeToCoreSignals()
     wallet->NotifyAddressBookChanged.connect(boost::bind(NotifyAddressBookChanged, this, _1, _2, _3, _4, _5, _6));
     wallet->NotifyTransactionChanged.connect(boost::bind(NotifyTransactionChanged, this, _1, _2, _3));
     wallet->ShowProgress.connect(boost::bind(ShowProgress, this, _1, _2));
+    wallet->NotifyWatchonlyChanged.connect(boost::bind(NotifyWatchonlyChanged, this, _1));
 }
 
 void WalletModel::unsubscribeFromCoreSignals()
@@ -515,6 +540,7 @@ void WalletModel::unsubscribeFromCoreSignals()
     wallet->NotifyAddressBookChanged.disconnect(boost::bind(NotifyAddressBookChanged, this, _1, _2, _3, _4, _5, _6));
     wallet->NotifyTransactionChanged.disconnect(boost::bind(NotifyTransactionChanged, this, _1, _2, _3));
     wallet->ShowProgress.disconnect(boost::bind(ShowProgress, this, _1, _2));
+    wallet->NotifyWatchonlyChanged.disconnect(boost::bind(NotifyWatchonlyChanged, this, _1));
 }
 
 // WalletModel::UnlockContext implementation
diff --git a/src/qt/walletmodel.h b/src/qt/walletmodel.h
index 2bb91d85a..1dad71606 100644
--- a/src/qt/walletmodel.h
+++ b/src/qt/walletmodel.h
@@ -128,6 +128,7 @@ public:
     qint64 getBalance(const CCoinControl *coinControl = NULL) const;
     qint64 getUnconfirmedBalance() const;
     qint64 getImmatureBalance() const;
+    bool haveWatchOnly() const;
     qint64 getWatchBalance() const;
     qint64 getWatchUnconfirmedBalance() const;
     qint64 getWatchImmatureBalance() const;
@@ -198,6 +199,7 @@ public:
 private:
     CWallet *wallet;
     bool fProcessingQueuedTransactions;
+    bool fHaveWatchOnly;
 
     // Wallet has an options model for wallet-specific options
     // (transaction fee, for example)
@@ -249,6 +251,9 @@ signals:
     // Show progress dialog e.g. for rescan
     void showProgress(const QString &title, int nProgress);
 
+    // Watch-only address added
+    void notifyWatchonlyChanged(bool fHaveWatchonly);
+
 public slots:
     /* Wallet status might have changed */
     void updateStatus();
@@ -256,6 +261,8 @@ public slots:
     void updateTransaction(const QString &hash, int status);
     /* New, updated or removed address book entry */
     void updateAddressBook(const QString &address, const QString &label, bool isMine, const QString &purpose, int status);
+    /* Watchonly added */
+    void updateWatchOnlyFlag(bool fHaveWatchonly);
     /* Current, immature or unconfirmed balance might have changed - emit 'balanceChanged' if so */
     void pollBalanceChanged();
     /* Needed to update fProcessingQueuedTransactions through a QueuedConnection */
diff --git a/src/wallet.cpp b/src/wallet.cpp
index 7c04743c0..a293664f6 100644
--- a/src/wallet.cpp
+++ b/src/wallet.cpp
@@ -153,6 +153,7 @@ bool CWallet::AddWatchOnly(const CScript &dest)
     if (!CCryptoKeyStore::AddWatchOnly(dest))
         return false;
     nTimeFirstKey = 1; // No birthday information for watch-only keys.
+    NotifyWatchonlyChanged(true);
     if (!fFileBacked)
         return true;
     return CWalletDB(strWalletFile).WriteWatchOnly(dest);
diff --git a/src/wallet.h b/src/wallet.h
index 73fcfa24e..1f727aec0 100644
--- a/src/wallet.h
+++ b/src/wallet.h
@@ -408,6 +408,9 @@ public:
 
     /** Show progress e.g. for rescan */
     boost::signals2::signal<void (const std::string &title, int nProgress)> ShowProgress;
+
+    /** Watch-only address added */
+    boost::signals2::signal<void (bool fHaveWatchOnly)> NotifyWatchonlyChanged;
 };
 
 /** A key allocated from the key pool. */