diff --git a/lightningd/io_loop_with_timers.c b/lightningd/io_loop_with_timers.c
index e1e9d7002..f2b0165a5 100644
--- a/lightningd/io_loop_with_timers.c
+++ b/lightningd/io_loop_with_timers.c
@@ -26,9 +26,12 @@ void *io_loop_with_timers(struct lightningd *ld)
 		/*~ Notice that timers are called here in the event loop like
 		 * anything else, so there are no weird concurrency issues. */
 		if (expired) {
-			db_begin_transaction(ld->wallet->db);
+			/* This routine is legal in early startup, too. */
+			if (ld->wallet)
+				db_begin_transaction(ld->wallet->db);
 			timer_expired(ld, expired);
-			db_commit_transaction(ld->wallet->db);
+			if (ld->wallet)
+				db_commit_transaction(ld->wallet->db);
 		}
 	}