diff --git a/src/qt/overviewpage.cpp b/src/qt/overviewpage.cpp
--- a/src/qt/overviewpage.cpp
+++ b/src/qt/overviewpage.cpp
@@ -165,32 +165,52 @@
 void OverviewPage::setBalance(const interfaces::WalletBalances &balances) {
     int unit = walletModel->getOptionsModel()->getDisplayUnit();
     m_balances = balances;
-    ui->labelBalance->setText(BitcoinUnits::formatWithUnit(
-        unit, balances.balance, false, BitcoinUnits::separatorAlways));
-    ui->labelUnconfirmed->setText(
-        BitcoinUnits::formatWithUnit(unit, balances.unconfirmed_balance, false,
-                                     BitcoinUnits::separatorAlways));
-    ui->labelImmature->setText(BitcoinUnits::formatWithUnit(
-        unit, balances.immature_balance, false, BitcoinUnits::separatorAlways));
-    ui->labelTotal->setText(BitcoinUnits::formatWithUnit(
-        unit,
-        balances.balance + balances.unconfirmed_balance +
-            balances.immature_balance,
-        false, BitcoinUnits::separatorAlways));
-    ui->labelWatchAvailable->setText(
-        BitcoinUnits::formatWithUnit(unit, balances.watch_only_balance, false,
-                                     BitcoinUnits::separatorAlways));
-    ui->labelWatchPending->setText(BitcoinUnits::formatWithUnit(
-        unit, balances.unconfirmed_watch_only_balance, false,
-        BitcoinUnits::separatorAlways));
-    ui->labelWatchImmature->setText(
-        BitcoinUnits::formatWithUnit(unit, balances.immature_watch_only_balance,
-                                     false, BitcoinUnits::separatorAlways));
-    ui->labelWatchTotal->setText(BitcoinUnits::formatWithUnit(
-        unit,
-        balances.watch_only_balance + balances.unconfirmed_watch_only_balance +
-            balances.immature_watch_only_balance,
-        false, BitcoinUnits::separatorAlways));
+    if (walletModel->privateKeysDisabled()) {
+        ui->labelBalance->setText(
+            BitcoinUnits::formatWithUnit(unit, balances.watch_only_balance,
+                                         false, BitcoinUnits::separatorAlways));
+        ui->labelUnconfirmed->setText(BitcoinUnits::formatWithUnit(
+            unit, balances.unconfirmed_watch_only_balance, false,
+            BitcoinUnits::separatorAlways));
+        ui->labelImmature->setText(BitcoinUnits::formatWithUnit(
+            unit, balances.immature_watch_only_balance, false,
+            BitcoinUnits::separatorAlways));
+        ui->labelTotal->setText(BitcoinUnits::formatWithUnit(
+            unit,
+            balances.watch_only_balance +
+                balances.unconfirmed_watch_only_balance +
+                balances.immature_watch_only_balance,
+            false, BitcoinUnits::separatorAlways));
+    } else {
+        ui->labelBalance->setText(BitcoinUnits::formatWithUnit(
+            unit, balances.balance, false, BitcoinUnits::separatorAlways));
+        ui->labelUnconfirmed->setText(
+            BitcoinUnits::formatWithUnit(unit, balances.unconfirmed_balance,
+                                         false, BitcoinUnits::separatorAlways));
+        ui->labelImmature->setText(
+            BitcoinUnits::formatWithUnit(unit, balances.immature_balance, false,
+                                         BitcoinUnits::separatorAlways));
+        ui->labelTotal->setText(BitcoinUnits::formatWithUnit(
+            unit,
+            balances.balance + balances.unconfirmed_balance +
+                balances.immature_balance,
+            false, BitcoinUnits::separatorAlways));
+        ui->labelWatchAvailable->setText(
+            BitcoinUnits::formatWithUnit(unit, balances.watch_only_balance,
+                                         false, BitcoinUnits::separatorAlways));
+        ui->labelWatchPending->setText(BitcoinUnits::formatWithUnit(
+            unit, balances.unconfirmed_watch_only_balance, false,
+            BitcoinUnits::separatorAlways));
+        ui->labelWatchImmature->setText(BitcoinUnits::formatWithUnit(
+            unit, balances.immature_watch_only_balance, false,
+            BitcoinUnits::separatorAlways));
+        ui->labelWatchTotal->setText(BitcoinUnits::formatWithUnit(
+            unit,
+            balances.watch_only_balance +
+                balances.unconfirmed_watch_only_balance +
+                balances.immature_watch_only_balance,
+            false, BitcoinUnits::separatorAlways));
+    }
 
     // only show immature (newly mined) balance if it's non-zero, so as not to
     // complicate things for the non-mining users
@@ -202,8 +222,9 @@
     // shown
     ui->labelImmature->setVisible(showImmature || showWatchOnlyImmature);
     ui->labelImmatureText->setVisible(showImmature || showWatchOnlyImmature);
-    ui->labelWatchImmature->setVisible(
-        showWatchOnlyImmature); // show watch-only immature balance
+    // show watch-only immature balance
+    ui->labelWatchImmature->setVisible(!walletModel->privateKeysDisabled() &&
+                                       showWatchOnlyImmature);
 }
 
 // show/hide watch-only labels
@@ -261,9 +282,13 @@
         connect(model->getOptionsModel(), &OptionsModel::displayUnitChanged,
                 this, &OverviewPage::updateDisplayUnit);
 
-        updateWatchOnlyLabels(wallet.haveWatchOnly());
-        connect(model, &WalletModel::notifyWatchonlyChanged, this,
-                &OverviewPage::updateWatchOnlyLabels);
+        updateWatchOnlyLabels(wallet.haveWatchOnly() &&
+                              !model->privateKeysDisabled());
+        connect(model, &WalletModel::notifyWatchonlyChanged,
+                [this](bool showWatchOnly) {
+                    updateWatchOnlyLabels(showWatchOnly &&
+                                          !walletModel->privateKeysDisabled());
+                });
     }
 
     // update the display unit, to not use the default ("BCH")