With interest rates at historic lows and potentially going lower, it is becoming increasingly difficult for some investors to find a sufficient source of income.

Luckily though the Australian stock exchange has a number of great dividend shares that I feel are far better options than term deposits or savings accounts.

Five fast-growing dividend shares, which I think income investors should take a close look at today are as follows:

Cover-More Group Ltd (ASX: CVO)

Although the shares of this leading travel insurance company currently only provide a fully franked trailing 3.3% dividend, this is expected to grow by a solid 17% per annum through to FY 2018. I think Cover-More could be a big winner from the travel boom, which makes it a great long-term investment option.

GUD Holdings Limited (ASX: GUD)

It may have posted a reasonably disappointing FY 2016, but management is expecting the solid performance of its automotive business to help it bounce back strongly this year. As a result it is expected to grow its dividend by over 15% per annum for the next couple of years. This means investors can expect a fully franked 4.9% dividend in the year ahead.

IVE Group Ltd (ASX: IGL)

The shares of this leading printing and marketing company are expected to provide an incredible fully franked 8% dividend in FY 2017. Although the industry is highly competitive, IVE Group’s long-standing relationships with its clients puts it in a strong position for growth in my opinion. On average its top 20 customers have each been with the company for nine years.

Monash IVF Group Ltd (ASX: MVF)

Monash IVF is expected to continue its exceptional earnings growth again in FY 2017 thanks to the growing demand for IVF treatments. Last year the company’s treatments grew by 12.4%, well ahead of the industry average. Its shares are expected to provide a fully franked 4.1% dividend this year, before growing to an estimated 4.5% in FY 2018.

Blackmores Limited (ASX: BKL)

This health supplements company is expected to pay an estimated fully franked 4.3% dividend in FY 2017 according to CommSec. Pleasingly Blackmores is forecast to grow its dividend in FY 2018 as well. The company has fallen in price recently and is expected to provide a trading update at next week’s AGM.

If you're still looking for even more ideas for how to beat low interest rates then look no further than these ideas.

These Low Interest Rates Could Totally Devastate Your Retirement!

With global interest rates set to remain at these "emergency low" levels for years -- perhaps even decades -- unless you take decisive action NOW, your retirement could be seriously at risk. Click here to learn how to NOT run out of money in retirement.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.