Are you fed up with the low interest rates on savings accounts? You're not alone, if you are.
The good news is that the Australian share market hosts a large number of shares with generous dividend yields.
For example, two dividend shares that provide investors with yields that smash savings accounts are listed below:
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National Storage REIT (ASX: NSR)
National Storage is one of the ANZ region's leading self-storage operators. It has been growing at a solid rate over the last few years thanks to its strong position in a fragmented market and its growth through acquisition strategy.
Pleasingly, its performance has remained solid this year despite the pandemic. So much so, at its annual general meeting, management revealed that it expects to report underlying earnings per share of 7.7 cents to 8.3 cents in FY 2021. It also advised that it intends to payout 90% to 100% of its earnings to shareholders as distributions.
Based on the middle of both guidance ranges and the current National Storage share price, this equates to a 3.7% yield.
Westpac Banking Corp (ASX: WBC)
It certainly has been a tough couple of years for Westpac and the rest of the banking sector. And while trading conditions will not be buoyant for some time, the overall industry outlook is improving greatly. Especially with the end of the pandemic in sight, the economic damage appearing not as bad as first feared, and housing prices tipped to hit record highs next year.
One broker that is positive on the company's prospects in FY 2021 is Citi. Last month it responded to its full year results release by putting a buy rating and $23.50 price target on its shares.
It is also forecasting a 90 cents per share fully franked dividend. Based on the Westpac share price, this represents a 4.5% dividend yield.
