Beat low rates with these high yield dividend shares

On Tuesday there are two key events taking place in Australia. One is the Melbourne Cup and the other is the Reserve Bank’s cash rate decision.

It may be nearly impossible to predict the winner of the race that stops a nation, but it certainly isn’t hard to predict the cash rate decision.

The central bank is once again widely expected to keep the cash rate on hold at the record low of 1.5%.

Which means that savers will have to wait some time until term deposits and savings accounts are generating meaningful interest.

But don’t worry because the Australian share market has some great options for income investors. Three that I like right now are as follows:

Dicker Data Ltd (ASX: DDR)

Due to its robust business model, generous yield, and solid growth prospects, I think this leading computer software and hardware wholesale distributor could be a great option for income investors. This year the Dicker Data board intends to increase its fully franked dividend to 18 cents per share, which equates to a 6.3% yield based on its current share price.

National Storage REIT (ASX: NSR)

This self storage giant could be a great option as well. Due to its growing network, solid demand, and its sizeable cash balance that is being used to fund earnings accretive acquisitions, I think National Storage is well-positioned to continue growing its distribution at a solid rate over the long term.  At present the company’s units provide a trailing 5.8% distribution.

Westpac Banking Corp (ASX: WBC)

On Monday this banking giant released its full year results and posted cash earnings of $8,065 million. While this was flat on a year earlier, I felt this was a solid result given the tough trading conditions being faced, the bank levy, and of course the Royal Commission. The Westpac board opted to keep its final dividend on hold at 94 cents per share, meaning its shares provide a trailing fully franked 7% yield today.

And this quality dividend share could be a great option for income investors this month as well. It has been tipped to grow its dividend strongly again this year.

The best dividend share to buy in November named HERE

You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

Simply click here to grab your FREE copy of this up-to-the-minute research report on our #1 dividend share recommendation now.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia has recommended National Storage REIT. 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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