diff --git a/app/scripts/controllers/address-book.js b/app/scripts/controllers/address-book.js
index c91e6b2e4..4697e074c 100644
--- a/app/scripts/controllers/address-book.js
+++ b/app/scripts/controllers/address-book.js
@@ -13,19 +13,17 @@ class AddressBookController {
    * @param {object} opts Overrides the defaults for the initial state of this.store
    * @property {array} opts.initState  initializes the the state of the AddressBookController. Can contain an
    * addressBook property to initialize the addressBook array
-   * @param {KeyringController} keyringController (Soon to be deprecated) The keyringController used in the current
-   * MetamaskController. Contains the identities used in this AddressBookController.
+   * @property {object} opts.preferencesStore the {@code PreferencesController} store
    * @property {object} store The the store of the current users address book
    * @property {array} store.addressBook An array of addresses and nicknames. These are set by the user when sending
    * to a new address.
    *
    */
-  constructor (opts = {}, keyringController) {
-    const initState = extend({
+  constructor ({initState, preferencesStore}) {
+    this.store = new ObservableStore(extend({
       addressBook: [],
-    }, opts.initState)
-    this.store = new ObservableStore(initState)
-    this.keyringController = keyringController
+    }, initState))
+    this._preferencesStore = preferencesStore
   }
 
   //
@@ -62,7 +60,7 @@ class AddressBookController {
    */
   _addToAddressBook (address, name) {
     const addressBook = this._getAddressBook()
-    const identities = this._getIdentities()
+    const {identities} = this._preferencesStore.getState()
 
     const addressBookIndex = addressBook.findIndex((element) => { return element.address.toLowerCase() === address.toLowerCase() || element.name === name })
     const identitiesIndex = Object.keys(identities).findIndex((element) => { return element.toLowerCase() === address.toLowerCase() })
@@ -95,19 +93,6 @@ class AddressBookController {
   _getAddressBook () {
     return this.store.getState().addressBook
   }
-
-  /**
-   * Retrieves identities from the keyring controller in order to avoid
-   * duplication
-   *
-   * @deprecated
-   * @returns {array} Returns the identies array from the keyringContoller's state
-   *
-   */
-  _getIdentities () {
-    return this.keyringController.memStore.getState().identities
-  }
-
 }
 
 module.exports = AddressBookController
diff --git a/app/scripts/controllers/preferences.js b/app/scripts/controllers/preferences.js
index 1d3308d36..a4ff1207e 100644
--- a/app/scripts/controllers/preferences.js
+++ b/app/scripts/controllers/preferences.js
@@ -27,6 +27,7 @@ class PreferencesController {
       useBlockie: false,
       featureFlags: {},
       currentLocale: opts.initLangCode,
+      identities: {},
     }, opts.initState)
     this.store = new ObservableStore(initState)
   }
@@ -62,6 +63,16 @@ class PreferencesController {
     this.store.updateState({ currentLocale: key })
   }
 
+  setAddresses (addresses) {
+    const oldIdentities = this.store.getState().identities
+    const identities = addresses.reduce((ids, address, index) => {
+      const oldId = oldIdentities[address] || {}
+      ids[address] = {name: `Account ${index + 1}`, address, ...oldId}
+      return ids
+    }, {})
+    this.store.updateState({ identities })
+  }
+
   /**
    * Setter for the `selectedAddress` property
    *
@@ -155,6 +166,21 @@ class PreferencesController {
     return this.store.getState().tokens
   }
 
+  /**
+   * Sets a custom label for an account
+   * @param {string} account the account to set a label for
+   * @param {string} label the custom label for the account
+   * @return {Promise<string>}
+   */
+  setAccountLabel (account, label) {
+    const address = normalizeAddress(account)
+    const {identities} = this.store.getState()
+    identities[address] = identities[address] || {}
+    identities[address].name = label
+    this.store.updateState({ identities })
+    return Promise.resolve(label)
+  }
+
   /**
    * Gets an updated rpc list from this.addToFrequentRpcList() and sets the `frequentRpcList` to this update list.
    *
@@ -189,8 +215,8 @@ class PreferencesController {
    * The returned list will have a max length of 2. If the _url currently exists it the list, it will be moved to the
    * end of the list. The current list is modified and returned as a promise.
    *
-   * @param {string} _url The rpc url to add to the frequentRpcList.
-   * @returns {Promise<array>} The updated frequentRpcList. 
+   * @param {string} _url The rpc url to add to the frequentRpcList. 
+   * @returns {Promise<array>} The updated frequentRpcList.
    *
    */
   addToFrequentRpcList (_url) {
diff --git a/app/scripts/metamask-controller.js b/app/scripts/metamask-controller.js
index a6b5d3453..807c9a0b9 100644
--- a/app/scripts/metamask-controller.js
+++ b/app/scripts/metamask-controller.js
@@ -144,7 +144,8 @@ module.exports = class MetamaskController extends EventEmitter {
     // address book controller
     this.addressBookController = new AddressBookController({
       initState: initState.AddressBookController,
-    }, this.keyringController)
+      preferencesStore: this.preferencesController.store,
+    })
 
     // tx mgmt
     this.txController = new TransactionController({
@@ -363,6 +364,7 @@ module.exports = class MetamaskController extends EventEmitter {
       addToken: nodeify(preferencesController.addToken, preferencesController),
       removeToken: nodeify(preferencesController.removeToken, preferencesController),
       setCurrentAccountTab: nodeify(preferencesController.setCurrentAccountTab, preferencesController),
+      setAccountLabel: nodeify(preferencesController.setAccountLabel, preferencesController),
       setFeatureFlag: nodeify(preferencesController.setFeatureFlag, preferencesController),
 
       // AddressController
@@ -373,7 +375,6 @@ module.exports = class MetamaskController extends EventEmitter {
       createNewVaultAndKeychain: nodeify(this.createNewVaultAndKeychain, this),
       createNewVaultAndRestore: nodeify(this.createNewVaultAndRestore, this),
       addNewKeyring: nodeify(keyringController.addNewKeyring, keyringController),
-      saveAccountLabel: nodeify(keyringController.saveAccountLabel, keyringController),
       exportAccount: nodeify(keyringController.exportAccount, keyringController),
 
       // txController
@@ -433,7 +434,9 @@ module.exports = class MetamaskController extends EventEmitter {
 
       } else {
         vault = await this.keyringController.createNewVaultAndKeychain(password)
-        this.selectFirstIdentity(vault)
+        const accounts = await this.keyringController.getAccounts()
+        this.preferencesController.setAddresses(accounts)
+        this.selectFirstIdentity()
       }
       release()
     } catch (err) {
@@ -453,7 +456,9 @@ module.exports = class MetamaskController extends EventEmitter {
     const release = await this.createVaultMutex.acquire()
     try {
       const vault = await this.keyringController.createNewVaultAndRestore(password, seed)
-      this.selectFirstIdentity(vault)
+      const accounts = await this.keyringController.getAccounts()
+      this.preferencesController.setAddresses(accounts)
+      this.selectFirstIdentity()
       release()
       return vault
     } catch (err) {
@@ -471,12 +476,10 @@ module.exports = class MetamaskController extends EventEmitter {
    */
 
   /**
-   * Retrieves the first Identiy from the passed Vault and selects the related address
-   *
-   * @param  {} vault
+   * Sets the first address in the state to the selected address
    */
-  selectFirstIdentity (vault) {
-    const { identities } = vault
+  selectFirstIdentity () {
+    const { identities } = this.preferencesController.store.getState()
     const address = Object.keys(identities)[0]
     this.preferencesController.setSelectedAddress(address)
   }
@@ -502,13 +505,15 @@ module.exports = class MetamaskController extends EventEmitter {
 
     await this.verifySeedPhrase()
 
+    this.preferencesController.setAddresses(newAccounts)
     newAccounts.forEach((address) => {
       if (!oldAccounts.includes(address)) {
         this.preferencesController.setSelectedAddress(address)
       }
     })
 
-    return keyState
+    const {identities} = this.preferencesController.store.getState()
+    return {...keyState, identities}
   }
 
   /**
diff --git a/app/scripts/migrations/026.js b/app/scripts/migrations/026.js
new file mode 100644
index 000000000..1b8a91a45
--- /dev/null
+++ b/app/scripts/migrations/026.js
@@ -0,0 +1,47 @@
+const version = 26
+
+/*
+
+This migration moves the identities stored in the KeyringController
+ into the PreferencesController
+
+*/
+
+const clone = require('clone')
+
+module.exports = {
+  version,
+  migrate (originalVersionedData) {
+    const versionedData = clone(originalVersionedData)
+    versionedData.meta.version = version
+    try {
+      const state = versionedData.data
+      versionedData.data = transformState(state)
+    } catch (err) {
+      console.warn(`MetaMask Migration #${version}` + err.stack)
+      return Promise.reject(err)
+    }
+    return Promise.resolve(versionedData)
+  },
+}
+
+function transformState (state) {
+  if (!state.KeyringController || !state.PreferencesController) {
+    return
+  }
+
+  if (!state.KeyringController.walletNicknames) {
+    return state
+  }
+
+  state.PreferencesController.identities = Object.keys(state.KeyringController.walletNicknames)
+    .reduce((identities, address) => {
+      identities[address] = {
+        name: state.KeyringController.walletNicknames[address],
+        address,
+      }
+      return identities
+    }, {})
+  delete state.KeyringController.walletNicknames
+  return state
+}
diff --git a/app/scripts/migrations/index.js b/app/scripts/migrations/index.js
index 6c4a51b32..04d90bfff 100644
--- a/app/scripts/migrations/index.js
+++ b/app/scripts/migrations/index.js
@@ -36,4 +36,5 @@ module.exports = [
   require('./023'),
   require('./024'),
   require('./025'),
+  require('./026'),
 ]
diff --git a/old-ui/app/account-detail.js b/old-ui/app/account-detail.js
index 692d50491..c67f0cf71 100644
--- a/old-ui/app/account-detail.js
+++ b/old-ui/app/account-detail.js
@@ -91,7 +91,7 @@ AccountDetailScreen.prototype.render = function () {
                 isEditingLabel: false,
               },
               saveText: (text) => {
-                props.dispatch(actions.saveAccountLabel(selected, text))
+                props.dispatch(actions.setAccountLabel(selected, text))
               },
             }, [
 
diff --git a/package-lock.json b/package-lock.json
index 1df46989c..c0cf49d0a 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -8054,9 +8054,9 @@
       }
     },
     "eth-keyring-controller": {
-      "version": "2.2.0",
-      "resolved": "https://registry.npmjs.org/eth-keyring-controller/-/eth-keyring-controller-2.2.0.tgz",
-      "integrity": "sha512-f/g1ZrxciWJs2aHgpfvYmZ3ImP48GA+pobTU0EFNF/y5Yylf1zQyDw671W5opGpIt5TgV4F9sYXcvyjlgbL0Pg==",
+      "version": "3.1.1",
+      "resolved": "https://registry.npmjs.org/eth-keyring-controller/-/eth-keyring-controller-3.1.1.tgz",
+      "integrity": "sha512-Z9HTzrop/V4Ld8Wq7uwetKecfWIyx25/uL8aFoZxV3kegZGoXaWoRmNy+4oW0WNLp4BcJ1lk6QfsGEdlymGjmA==",
       "requires": {
         "bip39": "2.4.0",
         "bluebird": "3.5.1",
@@ -8064,7 +8064,7 @@
         "eth-hd-keyring": "1.2.2",
         "eth-sig-util": "1.4.2",
         "eth-simple-keyring": "1.2.1",
-        "ethereumjs-util": "5.1.5",
+        "ethereumjs-util": "5.2.0",
         "loglevel": "1.6.0",
         "obs-store": "2.4.1",
         "promise-filter": "1.1.0"
@@ -8080,9 +8080,9 @@
           }
         },
         "ethereumjs-util": {
-          "version": "5.1.5",
-          "resolved": "https://registry.npmjs.org/ethereumjs-util/-/ethereumjs-util-5.1.5.tgz",
-          "integrity": "sha512-xPaSEATYJpMTCGowIt0oMZwFP4R1bxd6QsWgkcDvFL0JtXsr39p32WEcD14RscCjfP41YXZPCVWA4yAg0nrJmw==",
+          "version": "5.2.0",
+          "resolved": "https://registry.npmjs.org/ethereumjs-util/-/ethereumjs-util-5.2.0.tgz",
+          "integrity": "sha512-CJAKdI0wgMbQFLlLRtZKGcy/L6pzVRgelIZqRqNbuVFM3K9VEnyfbcvz0ncWMRNCe4kaHWjwRYQcYMucmwsnWA==",
           "requires": {
             "bn.js": "4.11.8",
             "create-hash": "1.1.3",
@@ -8176,16 +8176,16 @@
       "integrity": "sha1-bXs1LcWppQINYfafryHvsvY2P0U=",
       "requires": {
         "eth-sig-util": "1.4.2",
-        "ethereumjs-util": "5.1.5",
+        "ethereumjs-util": "5.2.0",
         "ethereumjs-wallet": "0.6.0",
         "events": "1.1.1",
         "xtend": "4.0.1"
       },
       "dependencies": {
         "ethereumjs-util": {
-          "version": "5.1.5",
-          "resolved": "https://registry.npmjs.org/ethereumjs-util/-/ethereumjs-util-5.1.5.tgz",
-          "integrity": "sha512-xPaSEATYJpMTCGowIt0oMZwFP4R1bxd6QsWgkcDvFL0JtXsr39p32WEcD14RscCjfP41YXZPCVWA4yAg0nrJmw==",
+          "version": "5.2.0",
+          "resolved": "https://registry.npmjs.org/ethereumjs-util/-/ethereumjs-util-5.2.0.tgz",
+          "integrity": "sha512-CJAKdI0wgMbQFLlLRtZKGcy/L6pzVRgelIZqRqNbuVFM3K9VEnyfbcvz0ncWMRNCe4kaHWjwRYQcYMucmwsnWA==",
           "requires": {
             "bn.js": "4.11.8",
             "create-hash": "1.1.3",
diff --git a/package.json b/package.json
index c31e8dbb1..011230f7d 100644
--- a/package.json
+++ b/package.json
@@ -95,7 +95,7 @@
     "eth-hd-keyring": "^1.2.1",
     "eth-json-rpc-filters": "^1.2.6",
     "eth-json-rpc-infura": "^3.0.0",
-    "eth-keyring-controller": "^2.2.0",
+    "eth-keyring-controller": "^3.1.1",
     "eth-phishing-detect": "^1.1.4",
     "eth-query": "^2.1.2",
     "eth-sig-util": "^1.4.2",
diff --git a/test/unit/actions/save_account_label_test.js b/test/unit/actions/save_account_label_test.js
deleted file mode 100644
index c5ffd6cbf..000000000
--- a/test/unit/actions/save_account_label_test.js
+++ /dev/null
@@ -1,35 +0,0 @@
-// var jsdom = require('mocha-jsdom')
-var assert = require('assert')
-var freeze = require('deep-freeze-strict')
-var path = require('path')
-
-var actions = require(path.join(__dirname, '..', '..', '..', 'ui', 'app', 'actions.js'))
-var reducers = require(path.join(__dirname, '..', '..', '..', 'ui', 'app', 'reducers.js'))
-
-describe('SAVE_ACCOUNT_LABEL', function () {
-  it('updates the state.metamask.identities[:i].name property of the state to the action.value.label', function () {
-    var initialState = {
-      metamask: {
-        identities: {
-          foo: {
-            name: 'bar',
-          },
-        },
-      },
-    }
-    freeze(initialState)
-
-    const action = {
-      type: actions.SAVE_ACCOUNT_LABEL,
-      value: {
-        account: 'foo',
-        label: 'baz',
-      },
-    }
-    freeze(action)
-
-    var resultingState = reducers(initialState, action)
-    assert.equal(resultingState.metamask.identities.foo.name, action.value.label)
-  })
-})
-
diff --git a/test/unit/actions/set_account_label_test.js b/test/unit/actions/set_account_label_test.js
new file mode 100644
index 000000000..53ea1d130
--- /dev/null
+++ b/test/unit/actions/set_account_label_test.js
@@ -0,0 +1,34 @@
+const assert = require('assert')
+const freeze = require('deep-freeze-strict')
+const path = require('path')
+
+const actions = require(path.join(__dirname, '..', '..', '..', 'ui', 'app', 'actions.js'))
+const reducers = require(path.join(__dirname, '..', '..', '..', 'ui', 'app', 'reducers.js'))
+
+describe('SET_ACCOUNT_LABEL', function () {
+  it('updates the state.metamask.identities[:i].name property of the state to the action.value.label', function () {
+    const initialState = {
+      metamask: {
+        identities: {
+          foo: {
+            name: 'bar',
+          },
+        },
+      },
+    }
+    freeze(initialState)
+
+    const action = {
+      type: actions.SET_ACCOUNT_LABEL,
+      value: {
+        account: 'foo',
+        label: 'baz',
+      },
+    }
+    freeze(action)
+
+    const resultingState = reducers(initialState, action)
+    assert.equal(resultingState.metamask.identities.foo.name, action.value.label)
+  })
+})
+
diff --git a/test/unit/address-book-controller.js b/test/unit/address-book-controller.js
index 655c9022c..e48e69d98 100644
--- a/test/unit/address-book-controller.js
+++ b/test/unit/address-book-controller.js
@@ -1,26 +1,26 @@
 const assert = require('assert')
 const AddressBookController = require('../../app/scripts/controllers/address-book')
 
-const mockKeyringController = {
-  memStore: {
-    getState: function () {
-      return {
-        identities: {
-          '0x0aaa': {
-            address: '0x0aaa',
-            name: 'owned',
-          },
+const stubPreferencesStore = {
+  getState: function () {
+    return {
+      identities: {
+        '0x0aaa': {
+          address: '0x0aaa',
+          name: 'owned',
         },
-      }
-    },
+      },
+    }
   },
-}
+};
 
 describe('address-book-controller', function () {
   var addressBookController
 
   beforeEach(function () {
-    addressBookController = new AddressBookController({}, mockKeyringController)
+    addressBookController = new AddressBookController({
+      preferencesStore: stubPreferencesStore,
+    })
   })
 
   describe('addres book management', function () {
diff --git a/test/unit/metamask-controller-test.js b/test/unit/metamask-controller-test.js
index 18c3f9ab9..649b26e1e 100644
--- a/test/unit/metamask-controller-test.js
+++ b/test/unit/metamask-controller-test.js
@@ -106,7 +106,7 @@ describe('MetaMaskController', function () {
         [TEST_ADDRESS]: { address: TEST_ADDRESS, name: DEFAULT_LABEL },
       })
 
-      await metamaskController.keyringController.saveAccountLabel(TEST_ADDRESS, 'Account Foo')
+      await metamaskController.preferencesController.setAccountLabel(TEST_ADDRESS, 'Account Foo')
       assert.deepEqual(metamaskController.getState().identities, {
         [TEST_ADDRESS]: { address: TEST_ADDRESS, name: 'Account Foo' },
       })
diff --git a/test/unit/migrations/026-test.js b/test/unit/migrations/026-test.js
new file mode 100644
index 000000000..b3f5470cf
--- /dev/null
+++ b/test/unit/migrations/026-test.js
@@ -0,0 +1,41 @@
+const assert = require('assert')
+const migration26 = require('../../../app/scripts/migrations/026')
+const oldStorage = {
+  'meta': {'version': 25},
+  'data': {
+    'PreferencesController': {},
+    'KeyringController': {
+      'walletNicknames': {
+        '0x1e77e2': 'Test Account 1',
+        '0x7e57e2': 'Test Account 2',
+      },
+    },
+  },
+}
+
+describe('migration #26', () => {
+  it('should move the identities from KeyringController', (done) => {
+    migration26.migrate(oldStorage)
+      .then((newStorage) => {
+        const identities = newStorage.data.PreferencesController.identities
+        assert.deepEqual(identities, {
+          '0x1e77e2': {name: 'Test Account 1', address: '0x1e77e2'},
+          '0x7e57e2': {name: 'Test Account 2', address: '0x7e57e2'},
+        })
+        assert.strictEqual(newStorage.data.KeyringController.walletNicknames, undefined)
+        done()
+      })
+      .catch(done)
+  })
+
+  it('should successfully migrate first time state', (done) => {
+    migration26.migrate({
+      meta: {},
+      data: require('../../../app/scripts/first-time-state'),
+    })
+      .then((migratedData) => {
+        assert.equal(migratedData.meta.version, migration26.version)
+        done()
+      }).catch(done)
+  })
+})
diff --git a/test/unit/preferences-controller-test.js b/test/unit/preferences-controller-test.js
index 9fb5e4251..c613c68f9 100644
--- a/test/unit/preferences-controller-test.js
+++ b/test/unit/preferences-controller-test.js
@@ -4,16 +4,91 @@ const PreferencesController = require('../../app/scripts/controllers/preferences
 describe('preferences controller', function () {
   let preferencesController
 
-  before(() => {
+  beforeEach(() => {
     preferencesController = new PreferencesController()
   })
 
+  describe('setAddresses', function () {
+    it('should keep a map of addresses to names and addresses in the store', function () {
+      preferencesController.setAddresses([
+        '0xda22le',
+        '0x7e57e2',
+      ])
+
+      const {identities} = preferencesController.store.getState()
+      assert.deepEqual(identities, {
+        '0xda22le': {
+          name: 'Account 1',
+          address: '0xda22le',
+        },
+        '0x7e57e2': {
+          name: 'Account 2',
+          address: '0x7e57e2',
+        },
+      })
+    })
+
+    it('should replace its list of addresses', function () {
+      preferencesController.setAddresses([
+        '0xda22le',
+        '0x7e57e2',
+      ])
+      preferencesController.setAddresses([
+        '0xda22le77',
+        '0x7e57e277',
+      ])
+
+      const {identities} = preferencesController.store.getState()
+      assert.deepEqual(identities, {
+        '0xda22le77': {
+          name: 'Account 1',
+          address: '0xda22le77',
+        },
+        '0x7e57e277': {
+          name: 'Account 2',
+          address: '0x7e57e277',
+        },
+      })
+    })
+  })
+
+  describe('setAccountLabel', function () {
+    it('should update a label for the given account', function () {
+      preferencesController.setAddresses([
+        '0xda22le',
+        '0x7e57e2',
+      ])
+
+      assert.deepEqual(preferencesController.store.getState().identities['0xda22le'], {
+        name: 'Account 1',
+        address: '0xda22le',
+      })
+
+
+      preferencesController.setAccountLabel('0xda22le', 'Dazzle')
+      assert.deepEqual(preferencesController.store.getState().identities['0xda22le'], {
+        name: 'Dazzle',
+        address: '0xda22le',
+      })
+    })
+  })
+
+  describe('getTokens', function () {
+    it('should return an empty list initially', async function () {
+      await preferencesController.setSelectedAddress('0x7e57e2')
+
+      const tokens = preferencesController.getTokens()
+      assert.equal(tokens.length, 0, 'empty list of tokens')
+    })
+  })
+
   describe('addToken', function () {
     it('should add that token to its state', async function () {
       const address = '0xabcdef1234567'
       const symbol = 'ABBR'
       const decimals = 5
 
+      await preferencesController.setSelectedAddress('0x7e57e2')
       await preferencesController.addToken(address, symbol, decimals)
 
       const tokens = preferencesController.getTokens()
@@ -30,6 +105,7 @@ describe('preferences controller', function () {
       const symbol = 'ABBR'
       const decimals = 5
 
+      await preferencesController.setSelectedAddress('0x7e57e2')
       await preferencesController.addToken(address, symbol, decimals)
 
       const newDecimals = 6
@@ -43,6 +119,44 @@ describe('preferences controller', function () {
       assert.equal(added.symbol, symbol, 'set symbol correctly')
       assert.equal(added.decimals, newDecimals, 'updated decimals correctly')
     })
+
+    it('should allow adding tokens to two separate addresses', async function () {
+      const address = '0xabcdef1234567'
+      const symbol = 'ABBR'
+      const decimals = 5
+
+      await preferencesController.setSelectedAddress('0x7e57e2')
+      await preferencesController.addToken(address, symbol, decimals)
+      assert.equal(preferencesController.getTokens().length, 1, 'one token added for 1st address')
+
+      await preferencesController.setSelectedAddress('0xda22le')
+      await preferencesController.addToken(address, symbol, decimals)
+      assert.equal(preferencesController.getTokens().length, 1, 'one token added for 2nd address')
+    })
+  })
+
+  describe('removeToken', function () {
+    it('should remove the only token from its state', async function () {
+      await preferencesController.setSelectedAddress('0x7e57e2')
+      await preferencesController.addToken('0xa', 'A', 5)
+      await preferencesController.removeToken('0xa')
+
+      const tokens = preferencesController.getTokens()
+      assert.equal(tokens.length, 0, 'one token removed')
+    })
+
+    it('should remove a token from its state', async function () {
+      await preferencesController.setSelectedAddress('0x7e57e2')
+      await preferencesController.addToken('0xa', 'A', 4)
+      await preferencesController.addToken('0xb', 'B', 5)
+      await preferencesController.removeToken('0xa')
+
+      const tokens = preferencesController.getTokens()
+      assert.equal(tokens.length, 1, 'one token removed')
+
+      const [token1] = tokens
+      assert.deepEqual(token1, {address: '0xb', symbol: 'B', decimals: 5})
+    })
   })
 })
 
diff --git a/ui/app/accounts/new-account/index.js b/ui/app/accounts/new-account/index.js
index 207cf7760..795bd7ce6 100644
--- a/ui/app/accounts/new-account/index.js
+++ b/ui/app/accounts/new-account/index.js
@@ -24,7 +24,7 @@ function mapDispatchToProps (dispatch) {
       dispatch(actions.showModal({ name: 'EXPORT_PRIVATE_KEY' }))
     },
     hideModal: () => dispatch(actions.hideModal()),
-    saveAccountLabel: (address, label) => dispatch(actions.saveAccountLabel(address, label)),
+    setAccountLabel: (address, label) => dispatch(actions.setAccountLabel(address, label)),
   }
 }
 
diff --git a/ui/app/actions.js b/ui/app/actions.js
index 2d238b2f8..57bffb046 100644
--- a/ui/app/actions.js
+++ b/ui/app/actions.js
@@ -124,8 +124,8 @@ var actions = {
   SHOW_PRIVATE_KEY: 'SHOW_PRIVATE_KEY',
   showPrivateKey: showPrivateKey,
   exportAccountComplete,
-  SAVE_ACCOUNT_LABEL: 'SAVE_ACCOUNT_LABEL',
-  saveAccountLabel: saveAccountLabel,
+  SET_ACCOUNT_LABEL: 'SET_ACCOUNT_LABEL',
+  setAccountLabel,
   // tx conf screen
   COMPLETED_TX: 'COMPLETED_TX',
   TRANSACTION_ERROR: 'TRANSACTION_ERROR',
@@ -1598,13 +1598,13 @@ function showPrivateKey (key) {
   }
 }
 
-function saveAccountLabel (account, label) {
+function setAccountLabel (account, label) {
   return (dispatch) => {
     dispatch(actions.showLoadingIndication())
-    log.debug(`background.saveAccountLabel`)
+    log.debug(`background.setAccountLabel`)
 
     return new Promise((resolve, reject) => {
-      background.saveAccountLabel(account, label, (err) => {
+      background.setAccountLabel(account, label, (err) => {
         dispatch(actions.hideLoadingIndication())
 
         if (err) {
@@ -1613,7 +1613,7 @@ function saveAccountLabel (account, label) {
         }
 
         dispatch({
-          type: actions.SAVE_ACCOUNT_LABEL,
+          type: actions.SET_ACCOUNT_LABEL,
           value: { account, label },
         })
 
diff --git a/ui/app/components/modals/account-details-modal.js b/ui/app/components/modals/account-details-modal.js
index d9885daf5..5607cf051 100644
--- a/ui/app/components/modals/account-details-modal.js
+++ b/ui/app/components/modals/account-details-modal.js
@@ -25,7 +25,7 @@ function mapDispatchToProps (dispatch) {
       dispatch(actions.showModal({ name: 'EXPORT_PRIVATE_KEY' }))
     },
     hideModal: () => dispatch(actions.hideModal()),
-    saveAccountLabel: (address, label) => dispatch(actions.saveAccountLabel(address, label)),
+    setAccountLabel: (address, label) => dispatch(actions.setAccountLabel(address, label)),
   }
 }
 
@@ -49,7 +49,7 @@ AccountDetailsModal.prototype.render = function () {
     selectedIdentity,
     network,
     showExportPrivateKeyModal,
-    saveAccountLabel,
+    setAccountLabel,
   } = this.props
   const { name, address } = selectedIdentity
 
@@ -57,7 +57,7 @@ AccountDetailsModal.prototype.render = function () {
       h(EditableLabel, {
         className: 'account-modal__name',
         defaultValue: name,
-        onSubmit: label => saveAccountLabel(address, label),
+        onSubmit: label => setAccountLabel(address, label),
       }),
 
       h(QrView, {
diff --git a/ui/app/components/modals/edit-account-name-modal.js b/ui/app/components/modals/edit-account-name-modal.js
index c79645dbf..5681a3cad 100644
--- a/ui/app/components/modals/edit-account-name-modal.js
+++ b/ui/app/components/modals/edit-account-name-modal.js
@@ -18,8 +18,8 @@ function mapDispatchToProps (dispatch) {
     hideModal: () => {
       dispatch(actions.hideModal())
     },
-    saveAccountLabel: (account, label) => {
-      dispatch(actions.saveAccountLabel(account, label))
+    setAccountLabel: (account, label) => {
+      dispatch(actions.setAccountLabel(account, label))
     },
   }
 }
@@ -41,7 +41,7 @@ module.exports = connect(mapStateToProps, mapDispatchToProps)(EditAccountNameMod
 
 
 EditAccountNameModal.prototype.render = function () {
-  const { hideModal, saveAccountLabel, identity } = this.props
+  const { hideModal, setAccountLabel, identity } = this.props
 
   return h('div', {}, [
     h('div.flex-column.edit-account-name-modal-content', {
@@ -69,7 +69,7 @@ EditAccountNameModal.prototype.render = function () {
       h('button.btn-clear.edit-account-name-modal-save-button.allcaps', {
         onClick: () => {
           if (this.state.inputText.length !== 0) {
-            saveAccountLabel(identity.address, this.state.inputText)
+            setAccountLabel(identity.address, this.state.inputText)
             hideModal()
           }
         },
diff --git a/ui/app/components/modals/new-account-modal.js b/ui/app/components/modals/new-account-modal.js
index 0635b3f72..a66a3ed4a 100644
--- a/ui/app/components/modals/new-account-modal.js
+++ b/ui/app/components/modals/new-account-modal.js
@@ -95,7 +95,7 @@ const mapDispatchToProps = dispatch => {
       dispatch(actions.addNewAccount())
         .then((newAccountAddress) => {
           if (newAccountName) {
-            dispatch(actions.saveAccountLabel(newAccountAddress, newAccountName))
+            dispatch(actions.setAccountLabel(newAccountAddress, newAccountName))
           }
           dispatch(actions.hideModal())
         })
diff --git a/ui/app/components/pages/create-account/index.js b/ui/app/components/pages/create-account/index.js
index 0962477d8..475261253 100644
--- a/ui/app/components/pages/create-account/index.js
+++ b/ui/app/components/pages/create-account/index.js
@@ -75,7 +75,7 @@ const mapDispatchToProps = dispatch => ({
     dispatch(actions.showModal({ name: 'EXPORT_PRIVATE_KEY' }))
   },
   hideModal: () => dispatch(actions.hideModal()),
-  saveAccountLabel: (address, label) => dispatch(actions.saveAccountLabel(address, label)),
+  setAccountLabel: (address, label) => dispatch(actions.setAccountLabel(address, label)),
 })
 
 module.exports = connect(mapStateToProps, mapDispatchToProps)(CreateAccountPage)
diff --git a/ui/app/components/pages/create-account/new-account.js b/ui/app/components/pages/create-account/new-account.js
index 40fa584be..03a5ee72d 100644
--- a/ui/app/components/pages/create-account/new-account.js
+++ b/ui/app/components/pages/create-account/new-account.js
@@ -87,7 +87,7 @@ const mapDispatchToProps = dispatch => {
       return dispatch(actions.addNewAccount())
         .then(newAccountAddress => {
           if (newAccountName) {
-            dispatch(actions.saveAccountLabel(newAccountAddress, newAccountName))
+            dispatch(actions.setAccountLabel(newAccountAddress, newAccountName))
           }
         })
     },
diff --git a/ui/app/reducers/metamask.js b/ui/app/reducers/metamask.js
index bb35cf990..9afaf6a50 100644
--- a/ui/app/reducers/metamask.js
+++ b/ui/app/reducers/metamask.js
@@ -163,7 +163,7 @@ function reduceMetamask (state, action) {
         selectedTokenAddress: action.value,
       })
 
-    case actions.SAVE_ACCOUNT_LABEL:
+    case actions.SET_ACCOUNT_LABEL:
       const account = action.value.account
       const name = action.value.label
       const id = {}