diff --git a/gui/qt/main_window.py b/gui/qt/main_window.py
index f26526c2..071a3c82 100644
--- a/gui/qt/main_window.py
+++ b/gui/qt/main_window.py
@@ -203,6 +203,7 @@ class ElectrumWindow(QMainWindow):
         self.password_menu.setEnabled(not self.wallet.is_watching_only())
         self.seed_menu.setEnabled(self.wallet.has_seed())
         self.mpk_menu.setEnabled(self.wallet.is_deterministic())
+        self.import_menu.setEnabled(self.wallet.can_create_accounts() or not self.wallet.is_deterministic())
 
         self.update_lock_icon()
         self.update_buttons_on_seed()
@@ -296,7 +297,7 @@ class ElectrumWindow(QMainWindow):
 
         self.private_keys_menu = wallet_menu.addMenu(_("&Private keys"))
         self.private_keys_menu.addAction(_("&Sweep"), self.sweep_key_dialog)
-        self.private_keys_menu.addAction(_("&Import"), self.do_import_privkey)
+        self.import_menu = self.private_keys_menu.addAction(_("&Import"), self.do_import_privkey)
         self.private_keys_menu.addAction(_("&Export"), self.export_privkeys_dialog)
         wallet_menu.addAction(_("&Export History"), self.export_history_dialog)
 
diff --git a/lib/wallet.py b/lib/wallet.py
index 9e354b29..557b8e27 100644
--- a/lib/wallet.py
+++ b/lib/wallet.py
@@ -1450,6 +1450,9 @@ class Wallet_2of2(NewWallet):
         NewWallet.__init__(self, storage)
         self.storage.put('wallet_type', '2of2', True)
 
+    def can_create_accounts(self):
+        return False
+
     def create_account(self):
         xpub1 = self.master_public_keys.get("m/")
         xpub2 = self.master_public_keys.get("cold/")