diff --git a/lib/new-settings-loader.js b/lib/new-settings-loader.js
index 3136f761..88ca3231 100644
--- a/lib/new-settings-loader.js
+++ b/lib/new-settings-loader.js
@@ -25,7 +25,7 @@ function loadAccounts () {
   limit 1`
 
   return db.oneOrNone(sql, ['accounts', NEW_SETTINGS_LOADER_SCHEMA_VERSION])
-    .then(row => row ? row.data.accounts : null)
+    .then(_.compose(_.defaultTo({}), _.get('data.accounts')))
 }
 
 function saveConfig (config) {