Beat low rates with these high yielding dividend shares

On Tuesday Australian inflation came in below expectations, further supporting the view that the Reserve Bank of Australia will be unable to lift interest rates in 2018.

This means those pesky and paltry interest rates on savings accounts will be here to stay for some time to come unfortunately.

In light of this, I think investors ought to skip savings accounts and look at what the share market has on offer.

Three high yielding dividend shares I would consider buying this week are listed below:

Accent Group Ltd (ASX: AX1)

While its shares are no longer the absolute bargain buy they were 12 months ago, I still believe that this footwear retailer’s shares are trading at an attractive price. Especially considering the solid performance of its Athlete’s Foot and HYPE brands despite the arrival of e-commerce behemoth Amazon in Australia. Pleasingly, I believe the strength of its licensed brands, which only it can sell in Australia, will allow this strong performance to continue for the foreseeable future. At present Accent’s shares offer a trailing fully franked 4.4% dividend.

National Australia Bank Ltd (ASX: NAB)

The Royal Commission and general market volatility have acted as a major drag on the performance of bank shares in 2018. While the Royal Commission is still ongoing and could continue to weigh heavily on sentiment, I remain confident that all the bad news and more has been factored into the National Australia Bank share price now. This could make it worth considering the bank as an investment option, especially given that its shares provide a trailing fully franked 6.8% dividend presently.

WAM Capital Limited (ASX: WAM)

I think that WAM Capital is one of the best listed investment companies available to investors on the Australian share market. The performance of its funds over the last few years has been very impressive and led to strong earnings growth and returns for shareholders. It has also allowed management to raise its dividend each year for eight years in a row. This means that WAM Capital’s shares now provide investors with a trailing fully franked 6.5% dividend.

This could make WAM Capital one of the best dividend shares on the local market alongside this dividend star.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. 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 Scott Phillips.

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