Later today the Reserve Bank of Australia will meet to decide on the cash rate. This meeting will almost certainly result in rates being left on hold at the record low of 1.5% again.
In fact, the majority of economists don't expect the central bank to raise rates at all this year, with some even predicting that the first hike will not be until as far away as 2020.
Which means that the paltry interest rates on savings accounts are destined to be here for a long time come.
In light of this, I think savers ought to consider putting their money to work in the share market.
Three top dividend shares I would buy today are listed below:
Accent Group Ltd (ASX: AX1)
Although this footwear retailer's shares are trading close to a 52-week high after its strong half-year result last month, they still provide investors with an above-average dividend yield. Based on the last close price, Accent's shares offer a trailing fully franked 4.9% dividend. I think this is a great yield and believe it can grow significantly in the future if the company's Athlete's Foot and HYPE brands continue their strong form.
Japara Healthcare Ltd (ASX: JHC)
I think that Japara Healthcare stands to benefit greatly from Australia's ageing population. Thanks to the tailwinds the aged care operator is experiencing, its strong management team, quality portfolio, and sizeable expansion plans, I feel it is in a position to deliver solid earnings and dividend growth over the long term. At present Japara's shares provide investors with an annualised partially franked 4% dividend.
Westpac Banking Corp (ASX: WBC)
The Royal Commission has weighed heavily on the big four banks' share prices over the last few weeks and recently dragged Westpac's shares down to a 52-week low. I think at this level its shares are highly attractive and provide a compelling risk/reward. While there is a danger that the Royal Commission could uncover something scandalous, I remain confident that it will find no skeletons in its closet. Which could make it worth picking up shares today, especially as they offer a trailing fully franked 6.6% dividend.
