Unfortunately for income investors, the Reserve Bank of Australia has been tipped by many experts to keep the cash rate on hold at 1.5% until 2021.
This could mean it is many years until rates return to normal levels again.
In light of this, I think income investors should consider picking up one of these top dividend shares instead of using savings accounts and term deposits.
Australia and New Zealand Banking Group (ASX: ANZ)
At present this banking giant's shares offer investors a trailing fully franked 6% dividend yield. This is a significantly better yield than anything you would get from one of its high interest savings accounts. Because of this and my belief that ANZ is well positioned to at least maintain its current dividend in FY 2019, I think it is well worth considering an investment in its shares this month.
Rural Funds Group (ASX: RFF)
This real estate property trust owns a diverse group of rural properties across Australia. It is one of my favourite real estate property trusts and income shares due to its high quality tenants and the long-term tenancy agreements it has. Another positive is that with rental indexation built into the majority of its tenancy agreements, I believe the trust is well-positioned to grow its rental income and distribution each year at a predictable rate. Rural Funds' units currently offer a trailing ~4.7% yield.
Super Retail Group Ltd (ASX: SUL)
Super Retail is the retail group behind brands such as Super Cheap Auto, Macpac, and Rebel. Earlier today the company released its half year results which revealed a normalised net profit after tax of $81.6 million. This was an increase of 8.9% on the prior corresponding period. It also declared an interim dividend of 21.5 cents per share, which was in line with the same period last year. This dividend means that Super Retail's shares offer a trailing fully franked 6.4% yield at present.
