Interest across the globe on using negative rates as a policy tool has increased with global interest rates moving towards zero in the hopes of pulling economies quickly out of the current COVID-19 recession. In the report that follows, we look at the positives of negative rates in terms of whether they boost credit growth, stimulate spending, or contribute to currency weakness. More importantly, we explore the potential side effects negative rates have had on corporates, households, banks, pensions, and markets. Like many a great idea, it is the elevation of negative interest rates beyond being a temporary backstop into being a mainstream permanent instrument of policy which risks seeing the side effects cumulate to the point where they are counterproductive.