diff --git a/lib/base_wizard.py b/lib/base_wizard.py
index 21e369e52..13fe0035c 100644
--- a/lib/base_wizard.py
+++ b/lib/base_wizard.py
@@ -176,8 +176,9 @@ class BaseWizard(object):
         self.account_id_dialog(run_next=f)
 
     def on_hardware_account_id(self, account_id):
-        from keystore import load_keystore
-        self.storage.put('account_id', int(account_id))
+        from keystore import load_keystore, bip44_derivation
+        derivation = bip44_derivation(int(account_id))
+        self.storage.put('derivation', derivation)
         name = self.storage.get('hardware_type')
         plugin = self.plugins.get_plugin(name)
         plugin.on_create_wallet(self.storage, self)
diff --git a/lib/keystore.py b/lib/keystore.py
index 2e793a969..a92f0483a 100644
--- a/lib/keystore.py
+++ b/lib/keystore.py
@@ -644,6 +644,8 @@ is_any_key = lambda x: is_old_mpk(x) or is_xprv(x) or is_xpub(x) or is_address_l
 is_private_key = lambda x: is_xprv(x) or is_private_key_list(x)
 is_bip32_key = lambda x: is_xprv(x) or is_xpub(x)
 
+def bip44_derivation(account_id):
+    return "m/44'/0'/%d'"% int(account_id)
 
 def from_seed(seed, password):
     if is_old_seed(seed):
diff --git a/lib/storage.py b/lib/storage.py
index ab81bdc54..41370331e 100644
--- a/lib/storage.py
+++ b/lib/storage.py
@@ -36,6 +36,7 @@ import stat
 from i18n import _
 from util import NotEnoughFunds, PrintError, profiler
 from plugins import run_hook, plugin_loaders
+from keystore import bip44_derivation
 
 class WalletStorage(PrintError):
 
@@ -188,7 +189,7 @@ class WalletStorage(PrintError):
                 storage2.put('accounts', {'0': x})
                 # need to save derivation and xpub too
                 storage2.put('master_public_keys', {'x/': xpub})
-                storage2.put('account_id', k)
+                storage2.put('derivation', bip44_derivation(k))
                 storage2.write()
                 result.append(new_path)
         else:
@@ -218,7 +219,7 @@ class WalletStorage(PrintError):
         self.put('hardware_type', wallet_type)
         xpub = self.get('master_public_keys')["x/0'"]
         self.put('master_public_keys', {'x/': xpub})
-        self.put('account_id', 0)
+        self.put('derivation', bip44_derivation(0))
 
     def convert_imported(self, test):
         # '/x' is the internal ID for imported accounts
diff --git a/plugins/trezor/plugin.py b/plugins/trezor/plugin.py
index e0b593144..bf39baa90 100644
--- a/plugins/trezor/plugin.py
+++ b/plugins/trezor/plugin.py
@@ -23,10 +23,10 @@ class TrezorCompatibleKeyStore(Hardware_KeyStore):
 
     def load(self, storage, name):
         self.xpub = storage.get('master_public_keys', {}).get(name)
-        self.account_id = int(storage.get('account_id'))
+        self.derivation = storage.get('derivation')
 
     def get_derivation(self):
-        return "m/44'/0'/%d'"%self.account_id
+        return self.derivation
 
     def get_client(self, force_pair=True):
         return self.plugin.get_client(self, force_pair)
diff --git a/plugins/trezor/qt_generic.py b/plugins/trezor/qt_generic.py
index 70ec2f83a..f5a9f435d 100644
--- a/plugins/trezor/qt_generic.py
+++ b/plugins/trezor/qt_generic.py
@@ -291,7 +291,7 @@ def qt_plugin_class(base_plugin_class):
         # Setup device and create accounts in separate thread; wait until done
         loop = QEventLoop()
         exc_info = []
-        derivation = "m/44'/0'/%d'"%storage.get('account_id')
+        derivation = storage.get('derivation')
         self.setup_device(derivation, thread, handler, on_done=loop.quit,
                           on_error=lambda info: exc_info.extend(info))
         loop.exec_()