On Tuesday the Reserve Bank of Australia will meet for the second time this year to discuss interest rates.
The meeting will almost certainly result in rates being kept on hold at the record low of 1.5% for another month. In fact, this could be the case for the whole year unless there is a meaningful improvement in inflation data.
Whilst this is great news for borrowers, it isn't for savers who are gaining only modest amounts of interest on their savings.
Because of this, I think savers should consider putting their money to work in the share market. After all, with an average yield of around 4%, the ASX smashes the rates on offer from savings accounts and term deposits.
With that in mind, here are three dividend shares I would consider snapping up today:
Accent Group Ltd (ASX: AX1)
Although this footwear retailer's shares have rallied strongly since the release of its half-year results last month, they still provide investors with an above-average dividend yield. Based on its last close price, Accent's shares offer investors a trailing yield of approximately 6%.
Dicker Data Ltd (ASX: DDR)
This morning the computer software and hardware wholesaler released its earnings and dividend outlook for FY 2018. Although earnings growth is expected to rise 6% year-on-year, management intends to lift its dividend by 10% to 18 cents per share. As in previous years, this dividend will continue to be paid in quarterly instalments. At the last close price this equates to a generous forward yield of almost 6.4%.
Westpac Banking Corp (ASX: WBC)
Although all the banks are arguably good value now, Westpac continues to be my first preference. At the current price the banking giant's shares provide investors with a trailing fully franked 6.1% dividend. This could make it a great option if your portfolio doesn't already have exposure to the banking sector.
