diff --git a/app/scripts/controllers/cached-balances.js b/app/scripts/controllers/cached-balances.js
new file mode 100644
index 000000000000..925c453345c2
--- /dev/null
+++ b/app/scripts/controllers/cached-balances.js
@@ -0,0 +1,83 @@
+const ObservableStore = require('obs-store')
+const extend = require('xtend')
+
+/**
+ * @typedef {Object} CachedBalancesOptions
+ * @property {Object} accountTracker An {@code AccountTracker} reference
+ * @property {Function} getNetwork A function to get the current network
+ * @property {Object} initState The initial controller state
+ */
+
+/**
+ * Background controller responsible for maintaining
+ * a cache of account balances in local storage
+ */
+class CachedBalancesController {
+  /**
+   * Creates a new controller instance
+   *
+   * @param {CachedBalancesOptions} [opts] Controller configuration parameters
+   */
+  constructor (opts = {}) {
+    const { accountTracker, getNetwork } = opts
+
+    this.accountTracker = accountTracker
+    this.getNetwork = getNetwork
+
+    const initState = extend({
+      cachedBalances: {},
+    }, opts.initState)
+    this.store = new ObservableStore(initState)
+
+    this._registerUpdates()
+  }
+
+  /**
+   * Updates the cachedBalances property for the current network. Cached balances will be updated to those in the passed accounts
+   * if balances in the passed accounts are truthy.
+   *
+   * @param {Object} obj The the recently updated accounts object for the current network
+   * @returns {Promise<void>}
+   */
+  async updateCachedBalances ({ accounts }) {
+    const network = await this.getNetwork()
+    const balancesToCache = await this._generateBalancesToCache(accounts, network)
+    this.store.updateState({
+      cachedBalances: balancesToCache,
+    })
+  }
+
+  _generateBalancesToCache (newAccounts, currentNetwork) {
+    const { cachedBalances } = this.store.getState()
+    const currentNetworkBalancesToCache = { ...cachedBalances[currentNetwork] }
+
+    Object.keys(newAccounts).forEach(accountID => {
+      const account = newAccounts[accountID]
+
+      if (account.balance) {
+        currentNetworkBalancesToCache[accountID] = account.balance
+      }
+    })
+    const balancesToCache = {
+      ...cachedBalances,
+      [currentNetwork]: currentNetworkBalancesToCache,
+    }
+
+    return balancesToCache
+  }
+
+  /**
+   * Sets up listeners and subscriptions which should trigger an update of cached balances. These updates will
+   * happen when the current account changes. Which happens on block updates, as well as on network and account
+   * selections.
+   *
+   * @private
+   *
+   */
+  _registerUpdates () {
+    const update = this.updateCachedBalances.bind(this)
+    this.accountTracker.store.subscribe(update)
+  }
+}
+
+module.exports = CachedBalancesController
diff --git a/app/scripts/metamask-controller.js b/app/scripts/metamask-controller.js
index 7d6f06f92f69..fe806e47e209 100644
--- a/app/scripts/metamask-controller.js
+++ b/app/scripts/metamask-controller.js
@@ -29,6 +29,7 @@ const ShapeShiftController = require('./controllers/shapeshift')
 const AddressBookController = require('./controllers/address-book')
 const InfuraController = require('./controllers/infura')
 const BlacklistController = require('./controllers/blacklist')
+const CachedBalancesController = require('./controllers/cached-balances')
 const RecentBlocksController = require('./controllers/recent-blocks')
 const MessageManager = require('./lib/message-manager')
 const PersonalMessageManager = require('./lib/personal-message-manager')
@@ -142,6 +143,12 @@ module.exports = class MetamaskController extends EventEmitter {
       }
     })
 
+    this.cachedBalancesController = new CachedBalancesController({
+      accountTracker: this.accountTracker,
+      getNetwork: this.networkController.getNetworkState.bind(this.networkController),
+      initState: initState.CachedBalancesController,
+    })
+
     // ensure accountTracker updates balances after network change
     this.networkController.on('networkDidChange', () => {
       this.accountTracker._updateAccounts()
@@ -241,6 +248,7 @@ module.exports = class MetamaskController extends EventEmitter {
       ShapeShiftController: this.shapeshiftController.store,
       NetworkController: this.networkController.store,
       InfuraController: this.infuraController.store,
+      CachedBalancesController: this.cachedBalancesController.store,
     })
 
     this.memStore = new ComposableObservableStore(null, {
@@ -248,6 +256,7 @@ module.exports = class MetamaskController extends EventEmitter {
       AccountTracker: this.accountTracker.store,
       TxController: this.txController.memStore,
       BalancesController: this.balancesController.store,
+      CachedBalancesController: this.cachedBalancesController.store,
       TokenRatesController: this.tokenRatesController.store,
       MessageManager: this.messageManager.memStore,
       PersonalMessageManager: this.personalMessageManager.memStore,
diff --git a/test/unit/app/controllers/cached-balances-test.js b/test/unit/app/controllers/cached-balances-test.js
new file mode 100644
index 000000000000..27aeabba2983
--- /dev/null
+++ b/test/unit/app/controllers/cached-balances-test.js
@@ -0,0 +1,137 @@
+const assert = require('assert')
+const sinon = require('sinon')
+const CachedBalancesController = require('../../../../app/scripts/controllers/cached-balances')
+
+describe('CachedBalancesController', () => {
+  describe('updateCachedBalances', () => {
+    it('should update the cached balances', async () => {
+      const controller = new CachedBalancesController({
+        getNetwork: () => Promise.resolve(17),
+        accountTracker: {
+          store: {
+            subscribe: () => {},
+          },
+        },
+        initState: {
+          cachedBalances: 'mockCachedBalances',
+        },
+      })
+
+      controller._generateBalancesToCache = sinon.stub().callsFake(() => Promise.resolve('mockNewCachedBalances'))
+
+      await controller.updateCachedBalances({ accounts: 'mockAccounts' })
+
+      assert.equal(controller._generateBalancesToCache.callCount, 1)
+      assert.deepEqual(controller._generateBalancesToCache.args[0], ['mockAccounts', 17])
+      assert.equal(controller.store.getState().cachedBalances, 'mockNewCachedBalances')
+    })
+  })
+
+  describe('_generateBalancesToCache', () => {
+    it('should generate updated account balances where the current network was updated', () => {
+      const controller = new CachedBalancesController({
+        accountTracker: {
+          store: {
+            subscribe: () => {},
+          },
+        },
+        initState: {
+          cachedBalances: {
+            17: {
+              a: '0x1',
+              b: '0x2',
+              c: '0x3',
+            },
+            16: {
+              a: '0xa',
+              b: '0xb',
+              c: '0xc',
+            },
+          },
+        },
+      })
+
+      const result = controller._generateBalancesToCache({
+        a: { balance: '0x4' },
+        b: { balance: null },
+        c: { balance: '0x5' },
+      }, 17)
+
+      assert.deepEqual(result, {
+        17: {
+          a: '0x4',
+          b: '0x2',
+          c: '0x5',
+        },
+        16: {
+          a: '0xa',
+          b: '0xb',
+          c: '0xc',
+        },
+      })
+    })
+
+    it('should generate updated account balances where the a new network was selected', () => {
+      const controller = new CachedBalancesController({
+        accountTracker: {
+          store: {
+            subscribe: () => {},
+          },
+        },
+        initState: {
+          cachedBalances: {
+            17: {
+              a: '0x1',
+              b: '0x2',
+              c: '0x3',
+            },
+          },
+        },
+      })
+
+      const result = controller._generateBalancesToCache({
+        a: { balance: '0x4' },
+        b: { balance: null },
+        c: { balance: '0x5' },
+      }, 16)
+
+      assert.deepEqual(result, {
+        17: {
+          a: '0x1',
+          b: '0x2',
+          c: '0x3',
+        },
+        16: {
+          a: '0x4',
+          c: '0x5',
+        },
+      })
+    })
+  })
+
+  describe('_registerUpdates', () => {
+    it('should subscribe to the account tracker with the updateCachedBalances method', async () => {
+      const subscribeSpy = sinon.spy()
+      const controller = new CachedBalancesController({
+        getNetwork: () => Promise.resolve(17),
+        accountTracker: {
+          store: {
+            subscribe: subscribeSpy,
+          },
+        },
+      })
+      subscribeSpy.resetHistory()
+
+      const updateCachedBalancesSpy = sinon.spy()
+      controller.updateCachedBalances = updateCachedBalancesSpy
+      controller._registerUpdates({ accounts: 'mockAccounts' })
+
+      assert.equal(subscribeSpy.callCount, 1)
+
+      subscribeSpy.args[0][0]()
+
+      assert.equal(updateCachedBalancesSpy.callCount, 1)
+    })
+  })
+
+})
diff --git a/ui/app/app.js b/ui/app/app.js
index b3aff1f39373..5405f84959da 100644
--- a/ui/app/app.js
+++ b/ui/app/app.js
@@ -7,6 +7,7 @@ const h = require('react-hyperscript')
 const actions = require('./actions')
 const classnames = require('classnames')
 const log = require('loglevel')
+const { getMetaMaskAccounts } = require('./selectors')
 
 // init
 const InitializeScreen = require('../../mascara/src/app/first-time').default
@@ -275,9 +276,10 @@ function mapStateToProps (state) {
     loadingMessage,
   } = appState
 
+  const accounts = getMetaMaskAccounts(state)
+
   const {
     identities,
-    accounts,
     address,
     keyrings,
     isInitialized,
diff --git a/ui/app/components/account-menu/index.js b/ui/app/components/account-menu/index.js
index 94eae8d0795e..e88389096a37 100644
--- a/ui/app/components/account-menu/index.js
+++ b/ui/app/components/account-menu/index.js
@@ -13,6 +13,7 @@ const Tooltip = require('../tooltip')
 import Identicon from '../identicon'
 import UserPreferencedCurrencyDisplay from '../user-preferenced-currency-display'
 import { PRIMARY } from '../../constants/common'
+import { getMetaMaskAccounts } from '../../selectors'
 
 const {
   SETTINGS_ROUTE,
@@ -41,7 +42,7 @@ function mapStateToProps (state) {
     isAccountMenuOpen: state.metamask.isAccountMenuOpen,
     keyrings: state.metamask.keyrings,
     identities: state.metamask.identities,
-    accounts: state.metamask.accounts,
+    accounts: getMetaMaskAccounts(state),
   }
 }
 
diff --git a/ui/app/components/balance-component.js b/ui/app/components/balance-component.js
index 4e2769ee8a60..78b51449e22c 100644
--- a/ui/app/components/balance-component.js
+++ b/ui/app/components/balance-component.js
@@ -6,14 +6,14 @@ import TokenBalance from './token-balance'
 import Identicon from './identicon'
 import UserPreferencedCurrencyDisplay from './user-preferenced-currency-display'
 import { PRIMARY, SECONDARY } from '../constants/common'
-const { getNativeCurrency, getAssetImages, conversionRateSelector, getCurrentCurrency} = require('../selectors')
+const { getNativeCurrency, getAssetImages, conversionRateSelector, getCurrentCurrency, getMetaMaskAccounts } = require('../selectors')
 
 const { formatBalance } = require('../util')
 
 module.exports = connect(mapStateToProps)(BalanceComponent)
 
 function mapStateToProps (state) {
-  const accounts = state.metamask.accounts
+  const accounts = getMetaMaskAccounts(state)
   const network = state.metamask.network
   const selectedAddress = state.metamask.selectedAddress || Object.keys(accounts)[0]
   const account = accounts[selectedAddress]
diff --git a/ui/app/components/pages/confirm-transaction-base/confirm-transaction-base.container.js b/ui/app/components/pages/confirm-transaction-base/confirm-transaction-base.container.js
index 45bf62fb9ef5..626143ac762b 100644
--- a/ui/app/components/pages/confirm-transaction-base/confirm-transaction-base.container.js
+++ b/ui/app/components/pages/confirm-transaction-base/confirm-transaction-base.container.js
@@ -18,6 +18,7 @@ import { isBalanceSufficient } from '../../send/send.utils'
 import { conversionGreaterThan } from '../../../conversion-util'
 import { MIN_GAS_LIMIT_DEC } from '../../send/send.constants'
 import { addressSlicer, valuesFor } from '../../../util'
+import { getMetaMaskAccounts } from '../../../selectors'
 
 const casedContractMap = Object.keys(contractMap).reduce((acc, base) => {
   return {
@@ -47,11 +48,11 @@ const mapStateToProps = (state, props) => {
   } = confirmTransaction
   const { txParams = {}, lastGasPrice, id: transactionId } = txData
   const { from: fromAddress, to: txParamsToAddress } = txParams
+  const accounts = getMetaMaskAccounts(state)
   const {
     conversionRate,
     identities,
     currentCurrency,
-    accounts,
     selectedAddress,
     selectedAddressTxList,
     assetImages,
diff --git a/ui/app/components/pages/create-account/connect-hardware/index.js b/ui/app/components/pages/create-account/connect-hardware/index.js
index 4fe25f6294cc..bd877fd4e1f2 100644
--- a/ui/app/components/pages/create-account/connect-hardware/index.js
+++ b/ui/app/components/pages/create-account/connect-hardware/index.js
@@ -3,6 +3,7 @@ const PropTypes = require('prop-types')
 const h = require('react-hyperscript')
 const connect = require('react-redux').connect
 const actions = require('../../../../actions')
+const { getMetaMaskAccounts } = require('../../../../selectors')
 const ConnectScreen = require('./connect-screen')
 const AccountList = require('./account-list')
 const { DEFAULT_ROUTE } = require('../../../../routes')
@@ -224,8 +225,9 @@ ConnectHardwareForm.propTypes = {
 
 const mapStateToProps = state => {
   const {
-    metamask: { network, selectedAddress, identities = {}, accounts = [] },
+    metamask: { network, selectedAddress, identities = {} },
   } = state
+  const accounts = getMetaMaskAccounts(state)
   const numberOfExistingAccounts = Object.keys(identities).length
   const {
     appState: { defaultHdPaths },
diff --git a/ui/app/components/pages/create-account/import-account/json.js b/ui/app/components/pages/create-account/import-account/json.js
index 90279bbbd519..bb6771e4d449 100644
--- a/ui/app/components/pages/create-account/import-account/json.js
+++ b/ui/app/components/pages/create-account/import-account/json.js
@@ -7,6 +7,7 @@ const connect = require('react-redux').connect
 const actions = require('../../../../actions')
 const FileInput = require('react-simple-file-input').default
 const { DEFAULT_ROUTE } = require('../../../../routes')
+const { getMetaMaskAccounts } = require('../../../../selectors')
 const HELP_LINK = 'https://support.metamask.io/kb/article/7-importing-accounts'
 import Button from '../../../button'
 
@@ -136,7 +137,7 @@ JsonImportSubview.propTypes = {
 const mapStateToProps = state => {
   return {
     error: state.appState.warning,
-    firstAddress: Object.keys(state.metamask.accounts)[0],
+    firstAddress: Object.keys(getMetaMaskAccounts(state))[0],
   }
 }
 
diff --git a/ui/app/components/pages/create-account/import-account/private-key.js b/ui/app/components/pages/create-account/import-account/private-key.js
index 8db1bfbdddd3..45068b96edbc 100644
--- a/ui/app/components/pages/create-account/import-account/private-key.js
+++ b/ui/app/components/pages/create-account/import-account/private-key.js
@@ -7,6 +7,7 @@ const PropTypes = require('prop-types')
 const connect = require('react-redux').connect
 const actions = require('../../../../actions')
 const { DEFAULT_ROUTE } = require('../../../../routes')
+const { getMetaMaskAccounts } = require('../../../../selectors')
 import Button from '../../../button'
 
 PrivateKeyImportView.contextTypes = {
@@ -22,7 +23,7 @@ module.exports = compose(
 function mapStateToProps (state) {
   return {
     error: state.appState.warning,
-    firstAddress: Object.keys(state.metamask.accounts)[0],
+    firstAddress: Object.keys(getMetaMaskAccounts(state))[0],
   }
 }
 
diff --git a/ui/app/components/send/send.selectors.js b/ui/app/components/send/send.selectors.js
index eb22a08b7337..c217d848e7cc 100644
--- a/ui/app/components/send/send.selectors.js
+++ b/ui/app/components/send/send.selectors.js
@@ -3,6 +3,9 @@ const abi = require('human-standard-token-abi')
 const {
   multiplyCurrencies,
 } = require('../../conversion-util')
+const {
+  getMetaMaskAccounts,
+} = require('../../selectors')
 const {
   estimateGasPriceFromRecentBlocks,
 } = require('./send.utils')
@@ -54,10 +57,8 @@ const selectors = {
 module.exports = selectors
 
 function accountsWithSendEtherInfoSelector (state) {
-  const {
-    accounts,
-    identities,
-  } = state.metamask
+  const accounts = getMetaMaskAccounts(state)
+  const { identities } = state.metamask
 
   const accountsWithSendEtherInfo = Object.entries(accounts).map(([key, account]) => {
     return Object.assign({}, account, identities[key])
@@ -72,7 +73,7 @@ function accountsWithSendEtherInfoSelector (state) {
 //   const autoAddTokensThreshold = 1
 
 //   const numberOfTransactions = state.metamask.selectedAddressTxList.length
-//   const numberOfAccounts = Object.keys(state.metamask.accounts).length
+//   const numberOfAccounts = Object.keys(getMetaMaskAccounts(state)).length
 //   const numberOfTokensAdded = state.metamask.tokens.length
 
 //   const userPassesThreshold = (numberOfTransactions > autoAddTransactionThreshold) &&
@@ -155,14 +156,14 @@ function getRecentBlocks (state) {
 }
 
 function getSelectedAccount (state) {
-  const accounts = state.metamask.accounts
+  const accounts = getMetaMaskAccounts(state)
   const selectedAddress = getSelectedAddress(state)
 
   return accounts[selectedAddress]
 }
 
 function getSelectedAddress (state) {
-  const selectedAddress = state.metamask.selectedAddress || Object.keys(state.metamask.accounts)[0]
+  const selectedAddress = state.metamask.selectedAddress || Object.keys(getMetaMaskAccounts(state))[0]
 
   return selectedAddress
 }
diff --git a/ui/app/components/transaction-view-balance/transaction-view-balance.container.js b/ui/app/components/transaction-view-balance/transaction-view-balance.container.js
index cb8078ec1dd0..f9f05b0ae808 100644
--- a/ui/app/components/transaction-view-balance/transaction-view-balance.container.js
+++ b/ui/app/components/transaction-view-balance/transaction-view-balance.container.js
@@ -2,12 +2,19 @@ import { connect } from 'react-redux'
 import { withRouter } from 'react-router-dom'
 import { compose } from 'recompose'
 import TransactionViewBalance from './transaction-view-balance.component'
-import { getSelectedToken, getSelectedAddress, getNativeCurrency, getSelectedTokenAssetImage } from '../../selectors'
+import {
+  getSelectedToken,
+  getSelectedAddress,
+  getNativeCurrency,
+  getSelectedTokenAssetImage,
+  getMetaMaskAccounts,
+} from '../../selectors'
 import { showModal } from '../../actions'
 
 const mapStateToProps = state => {
   const selectedAddress = getSelectedAddress(state)
-  const { metamask: { network, accounts } } = state
+  const { metamask: { network } } = state
+  const accounts = getMetaMaskAccounts(state)
   const account = accounts[selectedAddress]
   const { balance } = account
 
diff --git a/ui/app/components/wallet-view.js b/ui/app/components/wallet-view.js
index e050e0ee639a..8ad6637ae7ab 100644
--- a/ui/app/components/wallet-view.js
+++ b/ui/app/components/wallet-view.js
@@ -38,7 +38,7 @@ function mapStateToProps (state) {
     network: state.metamask.network,
     sidebarOpen: state.appState.sidebar.isOpen,
     identities: state.metamask.identities,
-    accounts: state.metamask.accounts,
+    accounts: selectors.getMetaMaskAccounts(state),
     tokens: state.metamask.tokens,
     keyrings: state.metamask.keyrings,
     selectedAddress: selectors.getSelectedAddress(state),
diff --git a/ui/app/conf-tx.js b/ui/app/conf-tx.js
index 0784a872e52f..34f5466e2eef 100644
--- a/ui/app/conf-tx.js
+++ b/ui/app/conf-tx.js
@@ -12,6 +12,7 @@ const R = require('ramda')
 const SignatureRequest = require('./components/signature-request')
 const Loading = require('./components/loading-screen')
 const { DEFAULT_ROUTE } = require('./routes')
+const { getMetaMaskAccounts } = require('./selectors')
 
 module.exports = compose(
   withRouter,
@@ -28,7 +29,7 @@ function mapStateToProps (state) {
 
   return {
     identities: state.metamask.identities,
-    accounts: state.metamask.accounts,
+    accounts: getMetaMaskAccounts(state),
     selectedAddress: state.metamask.selectedAddress,
     unapprovedTxs: state.metamask.unapprovedTxs,
     unapprovedMsgs: state.metamask.unapprovedMsgs,
diff --git a/ui/app/selectors.js b/ui/app/selectors.js
index b518527c98f7..f99f14aa8141 100644
--- a/ui/app/selectors.js
+++ b/ui/app/selectors.js
@@ -1,9 +1,7 @@
 const abi = require('human-standard-token-abi')
-
 import {
   transactionsSelector,
 } from './selectors/transactions'
-
 const {
   multiplyCurrencies,
 } = require('./conversion-util')
@@ -36,12 +34,13 @@ const selectors = {
   getCurrentViewContext,
   getTotalUnapprovedCount,
   preferencesSelector,
+  getMetaMaskAccounts,
 }
 
 module.exports = selectors
 
 function getSelectedAddress (state) {
-  const selectedAddress = state.metamask.selectedAddress || Object.keys(state.metamask.accounts)[0]
+  const selectedAddress = state.metamask.selectedAddress || Object.keys(getMetaMaskAccounts(state))[0]
 
   return selectedAddress
 }
@@ -53,8 +52,27 @@ function getSelectedIdentity (state) {
   return identities[selectedAddress]
 }
 
+function getMetaMaskAccounts (state) {
+  const currentAccounts = state.metamask.accounts
+  const cachedBalances = state.metamask.cachedBalances
+  const selectedAccounts = {}
+
+  Object.keys(currentAccounts).forEach(accountID => {
+    const account = currentAccounts[accountID]
+    if (account && account.balance === null || account.balance === undefined) {
+      selectedAccounts[accountID] = {
+        ...account,
+        balance: cachedBalances[accountID],
+      }
+    } else {
+      selectedAccounts[accountID] = account
+    }
+  })
+  return selectedAccounts
+}
+
 function getSelectedAccount (state) {
-  const accounts = state.metamask.accounts
+  const accounts = getMetaMaskAccounts(state)
   const selectedAddress = getSelectedAddress(state)
 
   return accounts[selectedAddress]
@@ -102,10 +120,8 @@ function getAddressBook (state) {
 }
 
 function accountsWithSendEtherInfoSelector (state) {
-  const {
-    accounts,
-    identities,
-  } = state.metamask
+  const accounts = getMetaMaskAccounts(state)
+  const { identities } = state.metamask
 
   const accountsWithSendEtherInfo = Object.entries(accounts).map(([key, account]) => {
     return Object.assign({}, account, identities[key])
@@ -175,7 +191,7 @@ function autoAddToBetaUI (state) {
   const autoAddTokensThreshold = 1
 
   const numberOfTransactions = state.metamask.selectedAddressTxList.length
-  const numberOfAccounts = Object.keys(state.metamask.accounts).length
+  const numberOfAccounts = Object.keys(getMetaMaskAccounts(state)).length
   const numberOfTokensAdded = state.metamask.tokens.length
 
   const userPassesThreshold = (numberOfTransactions > autoAddTransactionThreshold) &&