diff --git a/lib/wallet/wallet.js b/lib/wallet/wallet.js
index 67d21088..f7214e21 100644
--- a/lib/wallet/wallet.js
+++ b/lib/wallet/wallet.js
@@ -729,15 +729,13 @@ Wallet.prototype._createAccount = co(function* createAccount(options) {
 
   try {
     account = Account.fromOptions(this.db, options);
+    account.wallet = this;
+    yield account.init();
   } catch (e) {
     this.drop();
     throw e;
   }
 
-  account.wallet = this;
-
-  yield account.init();
-
   this.logger.info('Created account %s/%s/%d.',
     account.id,
     account.name,
@@ -761,10 +759,10 @@ Wallet.prototype.ensureAccount = co(function* ensureAccount(options) {
   var name = options.name;
   var account = yield this.getAccount(name);
 
-  if (!account)
-    return yield this.createAccount(options);
+  if (account)
+    return account;
 
-  return account;
+  return yield this.createAccount(options);
 });
 
 /**