diff --git a/src/script/ismine.cpp b/src/script/ismine.cpp
index eb3847d8e..a987944f5 100644
--- a/src/script/ismine.cpp
+++ b/src/script/ismine.cpp
@@ -123,6 +123,9 @@ static isminetype IsMineInner(const CKeyStore& keystore, const CScript& scriptPu
 
     case TX_MULTISIG:
     {
+        // Never treat bare multisig outputs as ours (they can still be made watchonly-though)
+        if (sigversion == IsMineSigVersion::TOP) break;
+
         // Only consider transactions "mine" if we own ALL the
         // keys involved. Multi-signature transactions that are
         // partially owned (somebody else has a key that can spend
diff --git a/src/test/script_standard_tests.cpp b/src/test/script_standard_tests.cpp
index 767c5fdbd..ff0bf6c66 100644
--- a/src/test/script_standard_tests.cpp
+++ b/src/test/script_standard_tests.cpp
@@ -561,7 +561,14 @@ BOOST_AUTO_TEST_CASE(script_standard_IsMine)
         keystore.AddKey(keys[1]);
 
         result = IsMine(keystore, scriptPubKey, isInvalid);
-        BOOST_CHECK_EQUAL(result, ISMINE_SPENDABLE);
+        BOOST_CHECK_EQUAL(result, ISMINE_NO);
+        BOOST_CHECK(!isInvalid);
+
+        // Keystore has 2/2 keys and the script
+        keystore.AddCScript(scriptPubKey);
+
+        result = IsMine(keystore, scriptPubKey, isInvalid);
+        BOOST_CHECK_EQUAL(result, ISMINE_NO);
         BOOST_CHECK(!isInvalid);
     }
 
diff --git a/test/functional/feature_segwit.py b/test/functional/feature_segwit.py
index fa1732c4c..88c4d7fb2 100755
--- a/test/functional/feature_segwit.py
+++ b/test/functional/feature_segwit.py
@@ -311,8 +311,10 @@ class SegWitTest(BitcoinTestFramework):
             v = self.nodes[0].getaddressinfo(i)
             if (v['isscript']):
                 [bare, p2sh, p2wsh, p2sh_p2wsh] = self.p2sh_address_to_script(v)
-                # bare and p2sh multisig with compressed keys should always be spendable
-                spendable_anytime.extend([bare, p2sh])
+                # p2sh multisig with compressed keys should always be spendable
+                spendable_anytime.extend([p2sh])
+                # bare multisig can be watched and signed, but is not treated as ours
+                solvable_after_importaddress.extend([bare])
                 # P2WSH and P2SH(P2WSH) multisig with compressed keys are spendable after direct importaddress
                 spendable_after_importaddress.extend([p2wsh, p2sh_p2wsh])
             else:
@@ -328,8 +330,10 @@ class SegWitTest(BitcoinTestFramework):
             v = self.nodes[0].getaddressinfo(i)
             if (v['isscript']):
                 [bare, p2sh, p2wsh, p2sh_p2wsh] = self.p2sh_address_to_script(v)
-                # bare and p2sh multisig with uncompressed keys should always be spendable
-                spendable_anytime.extend([bare, p2sh])
+                # p2sh multisig with uncompressed keys should always be spendable
+                spendable_anytime.extend([p2sh])
+                # bare multisig can be watched and signed, but is not treated as ours
+                solvable_after_importaddress.extend([bare])
                 # P2WSH and P2SH(P2WSH) multisig with uncompressed keys are never seen
                 unseen_anytime.extend([p2wsh, p2sh_p2wsh])
             else: