While rates are rising fast, savings accounts and term deposits still can't compete with the yields on offer with ASX dividend shares.
For example, Commonwealth Bank of Australia (ASX: CBA) is currently offering a respectable 3.95% per annum on 12-month term deposits, but the shares listed below could offer significantly better yields.
Here's what you need to know about them:
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Accent Group Ltd (ASX: AX1)
The first ASX dividend share for income investors to look at is footwear retailer Accent.
It has been tipped as a buy by analysts at Bell Potter. The broker has put a buy rating and $2.40 price target on its shares.
Its analysts were pleased with the company's performance during the first half and its strong start to the second half. It also appears confident this positive form can continue thanks to its exposure to younger consumers that are less impacted by rising rates.
Bell Potter is expecting this to lead to fully franked dividends of 15.5 cents per share in FY 2023 and 12.2 cents per share in FY 2024. Based on the current Accent share price of $2.24, this would mean yields of 6.9% and 5.4%, respectively, over the next couple of years.
National Australia Bank Ltd (ASX: NAB)
Another ASX dividend share that could be a good option right now for income investors is this banking giant.
That's the view of analysts at Goldman Sachs, that remain very positive on the banking giant. In fact, the broker highlights that the company's recent first-quarter update indicates that its cash earnings are "run-rating 3% above what was implied by our previous 1H23E forecasts."
Outside this, Goldman likes NAB due to its belief that volume momentum will favour commercial volumes over housing volumes over the next 12 months. It points out that "NAB provides the best exposure to this thematic."
In light of this, the broker currently has a buy rating and $35.42 price target on its shares.
As for dividends, the broker is forecasting a $1.73 per share dividend in FY 2023 and then a $1.76 per share dividend in FY 2024. Based on the current NAB share price of $27.04, this will mean fully franked yields of 6.4% and 6.5%, respectively.
