diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index a76085de3..5908dfeac 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -1170,6 +1170,9 @@ bool CWallet::SetHDMasterKey(const CKey& key)
 {
     LOCK(cs_wallet);
 
+    // ensure this wallet.dat can only be opened by clients supporting HD
+    SetMinVersion(FEATURE_HD);
+
     // store the key as normal "key"/"ckey" object
     // in the database
     // key metadata is not required
@@ -3299,9 +3302,6 @@ bool CWallet::InitLoadWallet()
             key.MakeNewKey(true);
             if (!walletInstance->SetHDMasterKey(key))
                 throw std::runtime_error("CWallet::GenerateNewKey(): Storing master key failed");
-
-            // ensure this wallet.dat can only be opened by clients supporting HD
-            walletInstance->SetMinVersion(FEATURE_HD);
         }
         CPubKey newDefaultKey;
         if (walletInstance->GetKeyFromPool(newDefaultKey)) {