The most recent weekly economic report from Westpac Banking Corp (ASX: WBC) reveals that its team continues to forecast the cash rate staying at the record low of 0.25% until at least the start of 2022.
Given the state of the economy, unemployment, and inflation, I suspect that this forecast will prove accurate. Which means the interest rates on offer with savings accounts and term deposits are likely to remain lower for longer.
But don't worry, because these three ASX dividend shares could help you beat low rates:
BWP Trust (ASX: BWP)
BWP is a real estate investment trust which leases the majority of its warehouses to Bunnings. I think the hardware giant is arguably the highest quality retailer in the country and a fantastic tenant to have. Especially right now when Bunnings is delivering very strong sales growth despite the pandemic, which should make rental increases easier. At present, I estimate that BWP's units offer investors a forward 4.9% yield.
Dicker Data Ltd (ASX: DDR)
Another dividend share to consider buying is Dicker Data. It is a wholesale distributor of computer hardware and software which has consistently grown its earnings and dividends at a solid rate over the last few years. This has been driven by new vendor agreements and solid demand. Things are going particularly well in FY 2020. As a result, the company intends to increase its dividend by 31% to 35.5 cents per share. This represents a 5% fully franked dividend yield.
Telstra Corporation Ltd (ASX: TLS)
A final dividend share to consider buying this week is Telstra. I believe the telco giant's outlook is the best it has been in a long time due to the easing NBN headwind and its T22 strategy. This strategy is simplifying its business and cutting costs materially. While a return to growth may still be a couple of years away, I'm confident its dividend cuts are over now and 16 cents per share is sustainable. This represents a very attractive fully franked 5% dividend yield.
