diff --git a/packages/loot-core/src/server/accounts/rules.test.ts b/packages/loot-core/src/server/accounts/rules.test.ts
index b0b0f24654b..88bf161ac00 100644
--- a/packages/loot-core/src/server/accounts/rules.test.ts
+++ b/packages/loot-core/src/server/accounts/rules.test.ts
@@ -47,6 +47,9 @@ describe('Condition', () => {
 
     cond = new Condition('is', 'payee', null, null);
     expect(cond.eval({ payee: null })).toBe(true);
+
+    cond = new Condition('is', 'notes', '', null);
+    expect(cond.eval({ notes: null })).toBe(true);
   });
 
   test('ops handles undefined fields', () => {
diff --git a/packages/loot-core/src/server/accounts/rules.ts b/packages/loot-core/src/server/accounts/rules.ts
index 449590370fb..b140819fffb 100644
--- a/packages/loot-core/src/server/accounts/rules.ts
+++ b/packages/loot-core/src/server/accounts/rules.ts
@@ -360,6 +360,12 @@ export class Condition {
 
   eval(object) {
     let fieldValue = object[this.field];
+    const type = this.type;
+
+    if (type === 'string') {
+      fieldValue ??= '';
+    }
+
     if (fieldValue === undefined) {
       return false;
     }
@@ -368,8 +374,6 @@ export class Condition {
       fieldValue = fieldValue.toLowerCase();
     }
 
-    const type = this.type;
-
     if (type === 'number' && this.options) {
       if (this.options.outflow) {
         if (fieldValue > 0) {
diff --git a/upcoming-release-notes/3998.md b/upcoming-release-notes/3998.md
new file mode 100644
index 00000000000..0a52a17bf48
--- /dev/null
+++ b/upcoming-release-notes/3998.md
@@ -0,0 +1,6 @@
+---
+category: Bugfix
+authors: [UnderKoen]
+---
+
+Usage of notes is (nothing) on new transactions