diff --git a/electrum/gui/qt/main_window.py b/electrum/gui/qt/main_window.py
index 2510663fb..2659a726e 100644
--- a/electrum/gui/qt/main_window.py
+++ b/electrum/gui/qt/main_window.py
@@ -1962,7 +1962,7 @@ class ElectrumWindow(QMainWindow, MessageBoxMixin, PrintError):
         sb.setFixedHeight(35)
         qtVersion = qVersion()
 
-        self.balance_label = QLabel("")
+        self.balance_label = QLabel("Loading wallet...")
         self.balance_label.setTextInteractionFlags(Qt.TextSelectableByMouse)
         self.balance_label.setStyleSheet("""QLabel { padding: 0 }""")
         sb.addWidget(self.balance_label)