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Westpac and these ASX dividend shares offer generous dividends

The latest Westpac Banking Corp (ASX: WBC) Weekly economic report reveals that the banking giant continues to expect two further rate cuts in 2020.

This will bring the cash rate down to a lowly 0.25% and put even more pressure on the interest rates offered with bank accounts and term deposits.

In light of this, if you haven’t done so already, I think now would be a good time to consider switching funds out of traditional interest-bearing assets and into the share market.

Here are three top ASX dividend shares to consider buying:

Accent Group Ltd (ASX: AX1)

One of the few bright spots in an otherwise gloomy retail industry is the growing active footwear category. Accent Group has exposure to this category with it numerous exclusive licences and its retail chains such as Athlete’s Foot, HYPE DC, and Platypus. In light of this, I believe it is well-positioned to continue growing its profits and dividend at a solid rate over the coming years. At present its shares offer an estimated forward fully franked 5.1% dividend yield.

Stockland Corporation Ltd (ASX: SGP)

A second dividend share to consider buying is Stockland. It is a high quality property group that owns, manages and develops a diverse range of assets. These include everything from retail centres and residential properties, to retirement communities and logistic properties. Pleasingly, Stockland has built on FY 2019’s solid result and started the new financial year in a positive fashion. Based on this, I estimate that its shares currently offer a forward 5.6% distribution yield.

Westpac Banking Corp

A final option to consider is Westpac. Rather than put funds into its term deposits or supposedly high interest savings accounts, I would be buying its shares. Especially after their sharp pullback over the last few months. Another positive is that two of its rivals have just reported their latest results and have delivered solid performances. This could be a sign that conditions are improving for the banks.

But if you're not keen on the banks yet, then Edward Vesely thinks you should be buying these income shares.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended Accent Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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