With the cash rate at a record low and likely to go lower later this year, I expect it will be a number of years until the interest rates on savings accounts and term deposits reach "normal" levels again.
In the meantime, I think savers ought to take advantage of the many dividend shares trading on the ASX that offer generous yields.
Three dividend shares that I would buy right now are listed below:
Accent Group Ltd (ASX: AX1)
One of my favourite options in the retail sector at present is this footwear-focused retail group behind the HYPE DC and Platypus brands. Although conditions in the retail sector have been tough, Accent has continued to deliver strong profit growth in FY 2019. In the first half the company delivered a 27.3% increase in net profit after tax to $32.2 million thanks to a combination of strong digital sales growth and margin improvement. The good news is that management expects a solid second half with EBITDA growth of at least 10%. This should put the Accent board in a position to increase its dividend again. At present its shares offer a trailing fully franked 5.5% dividend yield.
Aventus Retail Property Fund (ASX: AVN)
I think that Aventus Retail Property Fund is one of the best dividend shares to buy at present. It is a fully integrated owner, manager, and developer of large format retail centres across Australia. As it counts many of the biggest retailers in the country as tenants, I believe the risk of rent defaults and closures is low. I expect this to allow Aventus to continue growing its funds from operations and distributions over the coming years. Its units currently offer a trailing 7.2% yield.
Transurban Group (ASX: TCL)
This toll road giant is another dividend share that I feel is worth considering this month. Transurban is one of the largest toll road operators in the world with roads in Melbourne, Sydney, Brisbane, and North America. Steadily growing traffic numbers and toll prices have allowed Transurban to grow its distribution at a solid pace over the last decade. I expect this to remain the case for a long time to come, making it a great buy and hold option. At present its units offer a distribution yield of 4.5%.
