Later today the Reserve Bank of Australia will meet to discuss the cash rate once again.
According to the latest cash rate futures contracts, the market believes there is a 57% probability of a rate cut at August's meeting, which means that this meeting is certainly "in play" and a cut could potentially be coming.
If the central bank does cut rates then it will put further pressure on the interest rates being offered with savings accounts and term deposits.
But don't worry, because these top dividend shares can help you beat low interest rates:
Accent Group Ltd (ASX: AX1)
Accent Group is a footwear-focused retailer which owns retail chains such as Athlete's Foot, HYPE DC, and Platypus. Although the retail sector has been a tough place to operate in recent times, Accent has managed to defy the tough trading conditions and deliver robust sales and earnings growth. And with trading conditions expected to improve in FY 2020 because of tax cuts and a housing market rebound, Accent Group appears well-placed for further growth. At present its shares provide a trailing fully franked 5.2% dividend yield.
Rural Funds Group (ASX: RFF)
One of my favourite dividend shares on the local market is this agriculture-focused property group. I'm a big fan of Rural Funds due to its high quality assets and long term leases. In respect to the latter, the company recently reported a weighted average lease expiry of ~11 years. Combined with periodic rental increases, I think this has positioned it well to grow its income and distribution at a solid and predictable rate for many years to come. Its shares currently offer a trailing 4.4% distribution yield.
Wesfarmers Ltd (ASX: WES)
I think Wesfarmers could be a good option for income investors right now. This is because as the owner of the Bunnings, Kmart, and Target brands, I think the company would benefit greatly from a housing market rebound. Especially given how important Bunnings is to the conglomerate following recent divestments. I estimate that Wesfarmers shares offer a FY 2020 dividend of $1.53 per share, which equates to a fully franked dividend yield of 3.9%.
