At present the Australia and New Zealand Banking Group (ASX: ANZ) Online Saver account offers savers a 0.5% standard variable rate plus a 1.8% bonus rate for three months for eligible new customers. This is largely in line with the rest of the big four.
As inflation is currently tracking at 1.8%, this means that any savings that are earning just the standard variable rate are actually been eaten away by inflation.
It is for this reason that I believe savers should consider switching to the Australian share market and its 4% average dividend yield.
Three top dividend shares that would help you smash low interest rates are as follows:
Dicker Data Ltd (ASX: DDR)
Dicker Data is a wholesale distributor of computer hardware and software. It recently released its full year guidance for FY 2019. According to the release, management expects to achieve a 10% increase in revenue to $1.65 billion and a 10% lift in net profit before tax to $51.4 million. In addition to this, management revealed that it expects to pay a full year dividend of 22 cents per share in quarterly instalments this year, which equates to a forward fully franked 5.9% yield.
National Storage REIT (ASX: NSR)
National Storage is a self-storage owner-operator with a network of 146 centres throughout Australia and New Zealand. Last month it released its first half results and revealed a 13% increase in revenue to $72.8 million and a 22% lift in operating profit to $42.2 million. This was driven largely by solid demand for its facilities and the continued success of its growth through acquisition strategy. Pleasingly, management appears positive on its prospects in FY 2019 and advised that it plans to pay a full year distribution of 9.6 cents to 9.9 cents per unit. This equates to a yield of between 5.4% to 5.6%.
Super Retail Group Ltd (ASX: SUL)
Super Retail is the company behind retail brands including Macpac, Rebel, and Super Cheap Auto. Although the retail industry has been a tough place to operate in recent times, this didn't stop Super Retail from delivering a strong half year result last month. In the first half of FY 2019 the company posted an 8.9% increase in half year normalised net profit after tax to $81.6 million. Judging by its solid start to the second half, I expect similar growth when it releases its full year results in August. This should put the Super Retail board in a position to increase its dividend. At present Super Retail's shares offer a trailing fully franked 6.1% yield.
