diff --git a/src/simplewallet/simplewallet.cpp b/src/simplewallet/simplewallet.cpp
index ea8f6f2f5..ad8247728 100644
--- a/src/simplewallet/simplewallet.cpp
+++ b/src/simplewallet/simplewallet.cpp
@@ -4356,7 +4356,7 @@ bool simple_wallet::init(const boost::program_options::variables_map& vm)
         if (std::cin.eof() || !command_line::is_yes(confirm))
           CHECK_AND_ASSERT_MES(false, false, tr("account creation aborted"));
 
-        m_wallet->set_refresh_from_block_height(m_wallet->estimate_blockchain_height());
+        m_wallet->set_refresh_from_block_height(m_wallet->estimate_blockchain_height() > 0 ? m_wallet->estimate_blockchain_height() - 1 : 0);
         m_wallet->explicit_refresh_from_block_height(true);
         m_restore_height = m_wallet->get_refresh_from_block_height();
       }