2 quality ASX dividend shares that will help you beat low interest rates

Telstra Corporation Ltd (ASX:TLS) and this ASX dividend share will help you beat low rates…

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This afternoon the Reserve Bank of Australia will be meeting to decide on the cash rate.

According to the latest cash rate futures, there is an 86% probability of a cut to zero being priced in by the market.

Though, not everyone is expecting a cut at this meeting. Economists at Westpac Banking Corp (ASX: WBC), for example, continue to expect rates to stay on hold at 0.1% until 2023 at least.

One thing that is for sure, though, is that whatever happens at today's meeting, it isn't going to get any easier for income investors in the near term.

But don't worry, because there are still plenty of ASX dividend shares offering generous yields. Two to consider are listed below:

Telstra Corporation Ltd (ASX: TLS)

The first ASX dividend share to consider is Telstra. This telco giant has had a rough few years, but is finally on track to return to growth again in FY 2022.

This is being driven by the successful execution of its T22 strategy and plans to split into three separate businesses and monetise assets.

Goldman Sachs is positive on the company and currently has a buy rating and $4.00 price target on its shares.

The broker is also forecasting 16 cents per share fully franked dividends for the foreseeable future. Based on the latest Telstra share price of $3.49, this will mean dividend yields of 4.6%.

Transurban Group (ASX: TCL)

This leading toll road operator could be an ASX dividend share to buy. Transurban owns a collection of important roads in Australia and North America such as CityLink in Melbourne and the Eastern Distributor in Sydney.

Ord Minnett is a fan of the company and believes it is well-placed to grow its distribution in the coming years.

The broker is currently forecasting dividends of 37 cents per share in FY 2021 and 58 cents per share in FY 2022. Based on the latest Transurban share price of $14.03, this equates to yields of 2.6% and 4.1%, respectively, over the next two years.

Its analysts have a buy rating and $16.00 price target on its shares.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of Transurban Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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