The latest Westpac Banking Corp (ASX: WBC) Weekly report reveals that the banking giant's economists expect the cash rate to remain on hold at the record low of 1.5% until at least December 2020.
While a lot can change between now and then, I think there's a good chance that this forecast could prove accurate.
In light of this, I continue to believe that savers would be better off skipping savings accounts and putting their money to work in the share market.
Two top dividend shares I would consider buying are listed below:
Accent Group Ltd (ASX: AX1)
I think that this footwear retailer is a great option for income investors right now. Accent, formerly known as RCG Corporation, is the company behind popular retail stores including Athlete's Foot and HYPE DC. It also has exclusive licenses for a wide range of popular footwear brands in Australia. In FY 2018 Accent posted a 4.9% increase in sales to $860.8 million and a 17.9% jump in net profit after tax to $47.1 million. This allowed the board to increase its full year dividend to 6.75 cents per share, up 12.5% on the prior year. This equates to a fully franked yield of 4.2% today.
Dicker Data Ltd (ASX: DDR)
Dicker Data is a leading computer software and hardware wholesale distributor with an estimated 19% share of the Australian IT distribution market. The company has been growing strongly over the last few years thanks to its countless vendor agreements with the likes of Microsoft, Citrix, Cisco, and Intel. The good news is that management doesn't appear to believe this growth is stopping any time soon and, in a presentation released this morning, reminded the market of its growth opportunities from the IoT, security, cloud, and data centre markets to name just four. I believe these will help the company continue growing earnings and its dividend at a solid rate for some time to come. At present its shares offer a trailing fully franked 5.6% dividend which is paid in quarterly instalments.
