Earlier this month the Reserve Bank of Australia elected to keep rates on hold at the record low of 1.5% for another month.
Considering recent economic data and the strength of the Australian dollar, I feel it is unlikely that the central bank will consider raising rates any time soon.
In light of this, I expect the paltry interest rates on offer from savings accounts and term deposits won't be going away any time soon.
Rather than stick money in a savings account, I would suggest savers consider investing it in the share market in one of Australia's many quality dividend shares.
Here are three to consider:
Suncorp Group Ltd (ASX: SUN)
The shares of this leading insurer have fallen approximately 9% in the last month following the release of its full-year result. I felt that Suncorp delivered a solid result and the sell-off was largely unjustified. As a result, I think the decline has created a buying opportunity for income investors. At present Suncorp's shares provide a trailing fully franked 5.4% dividend.
Super Retail Group Ltd (ASX: SUL)
Super Retail is the operator of retail brands including Supercheap Auto and Rebel Sport. Its shares currently provide a generous trailing fully franked 5% dividend. While there are concerns about Amazon's imminent arrival in Australia, I have been encouraged by the steps the company has taken to fight back.
Westpac Banking Corp (ASX: WBC)
In my opinion Westpac is arguably the best bank share to invest in on the Australian share market at the moment based on both valuation and yield. The shares of Australia's oldest bank currently provide a trailing fully franked 5.9% dividend. I think this makes it a great option for investors that don't already have exposure to the banks.
