diff --git a/src/MetaMorpho.sol b/src/MetaMorpho.sol
index 97cdf6e9..9746434b 100644
--- a/src/MetaMorpho.sol
+++ b/src/MetaMorpho.sol
@@ -156,6 +156,7 @@ contract MetaMorpho is ERC4626, Ownable2Step, IMetaMorpho {
 
     function setFeeRecipient(address newFeeRecipient) external onlyOwner {
         require(newFeeRecipient != feeRecipient, ErrorsLib.ALREADY_SET);
+        require(newFeeRecipient != address(0) || fee == 0, ErrorsLib.ZERO_FEE_RECIPIENT);
 
         // Accrue interest to the previous fee recipient set before changing it.
         _updateLastTotalAssets(_accrueFee());
@@ -448,6 +449,8 @@ contract MetaMorpho is ERC4626, Ownable2Step, IMetaMorpho {
     }
 
     function _setFee(uint256 newFee) internal {
+        require(newFee == 0 || feeRecipient != address(0), ErrorsLib.ZERO_FEE_RECIPIENT);
+
         // Safe "unchecked" cast because newFee <= WAD.
         fee = uint96(newFee);
 
diff --git a/src/libraries/ErrorsLib.sol b/src/libraries/ErrorsLib.sol
index b496e2ad..34468919 100644
--- a/src/libraries/ErrorsLib.sol
+++ b/src/libraries/ErrorsLib.sol
@@ -33,4 +33,6 @@ library ErrorsLib {
     string internal constant TIMELOCK_EXPIRATION_EXCEEDED = "timelock expiration exceeded";
 
     string internal constant MAX_QUEUE_SIZE_EXCEEDED = "max queue size exceeded";
+
+    string internal constant ZERO_FEE_RECIPIENT = "fee recipient is zero";
 }