The RBA cash rate has been cut multiple times this year, making the return from savings accounts and term deposits noticeably less appealing. ASX dividend shares with high dividend yields could be attractive in this period.
With how much the share market has risen over the last 12 months, it's becoming increasingly challenging to find businesses with big dividends. If the share price of a business increases by 10%, then the yield is reduced by 10%. For example, if a business had a 5% dividend yield and the share price jumped 10% in a week, the yield on offer would become approximately 4.5%.
If I were looking to find the ASX dividend shares with the highest dividend yields on offer, the two below would be among the top contenders on my list.
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Shaver Shop Group Ltd (ASX: SSG)
Shaver Shop is a leading retailer of hair removal items in Australia and New Zealand. It sells items like electric shavers, clippers, trimmers, and wet shave items. The company has a number of exclude products with certain brands, and it also has a growing private brand called Transform-U.
In the FY25 result, the ASX dividend share generated 11.5 cents of earnings per share (EPS) and paid an annual dividend per share of 10.3 cents (an increase of 1%). At the time of writing, that means the Shaver Shop share price is valued at a price-earnings (P/E) ratio of around 12, and it has a grossed-up dividend yield of 10.4%, including franking credits.
The business has maintained or increased its dividend every year since it started paying one in 2017, suggesting it has a resilient history.
Sales started positively in FY26, with a 2.7% year-over-year increase in the period to 21 August 2025. Sales growth is a key driver of profit growth over the long term. I think the start of FY26 bodes well for a dividend increase in FY26.
Store network growth, along with the addition of more exclusive brands and private brand expansion, could be the key to further dividend growth in the next few years.
Accent Group Ltd (ASX: AX1)
Accent is a major footwear retailer in Australia – it owns a number of brands, including The Athlete's Foot, Stylerunner, Platypus, and Nude Lucy. The business acts as the local distributor/retailer for various global brands, including Hoka, Herschel, Vans, Ugg, Dr Martens, Lacoste, and Dickies.
While recent times have been challenging for retailers, I think this could be the right time to pounce on Accent because of the potential for earnings to bounce back following RBA rate cuts and a slowdown in the ASX dividend share's cost growth.
The company appears cheap to me due to its significant decline and the forward earnings multiple it's trading at. At the time of writing, the Accent share price has dropped by more than 40% this year, making it look much better value to me.
I'm excited about the company's plan to open dozens of Sports Direct stores in the next several years, given the number of additional global brands it can sell and how much these stores could contribute to earnings.
At the current Accent share price, it's valued at under 13 times FY26's estimated earnings, with a possible FY26 grossed-up dividend yield of 8.4%, including franking credits, according to CommSec's forecasts.
