With November just around the corner, savers everywhere have a wary eye on the Reserve Bank of Australia (RBA).
Although most pundits are leaning towards a low likelihood that the RBA will cut interest rates a fourth time this year on Melbourne Cup day, there is still a real possibility that the cash rate could finish the year at 0.5%.
That would mean whatever paltry interest rate your term deposits and bank accounts are paying out would be further hobbled.
Therefore, I think anyone worried about these low rates of the future should be checking out some ASX dividend paying shares – the only real place you can consistently get a decent yield on capital these days.
Here are 2 ASX dividend picks I think savers should check out sooner rather than later.
Coles Group Ltd (ASX: COL)
Coles has impressed the market handily since launching out on its own almost a year ago. Shares of this supermarket giant started life out at around $12.75 but made a new all-time high of $15.61 at the start of this month.
COL shares have now pulled back slightly to $15 flat at the time of writing, but at these levels, you can still expect a dividend yield of around 3.5% going forward. I think this yield, coupled with the highly defensive earnings base that Coles can boast, and you have a great income stock to buy and hold for the long-term.
Ramsay Health Care Limited (ASX: RHC)
Ramsay Health Care is something of a dark horse in the dividend space. On the surface, its current dividend yield of 2.19% doesn't seem that impressive. But if you also consider the fact that this private hospital operator has raised its payout every year since 2000, the picture becomes a little clearer.
During that time, Ramsay shares have also risen from around $1 to the $69.33 share price we see at the time of writing – so it's my conclusion that Ramsay is a great company to own for both growth and income from dividends.
Foolish takeaway
I think we have here 2 shares that would be great options for income investors to consider this November. Whilst I think Ramsay is the better priced option on today's market quotes, I also think Coles also has a lot to offer yield-hungry investors going forward, so keep both on your watch-list next month!
