With interest rates skyrocketing over the past 12 months or so, cash investments like term deposits are suddenly back in vogue. In 2021, it was hard to find even a two-year term deposit yielding 1%. Today, you can give your money to the bank for safekeeping, and get an interest rate as high as 4.5%.
Now many investors might appreciate the safety of this kind of guaranteed yield. After all, the dividends from ASX shares are never guaranteed to keep flowing.
But with higher risk often comes higher return. As such, there are still many ASX dividend shares out there that are offering trailing dividend yields far greater than 4.5% today. If those yields come fully franked, then even better. Let's check out five
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5 ASX dividend shares that crush a term deposit today
Adairs Ltd (ASX: ADH)
ASX 200 homewares retailer Adairs is our first dividend machine worth checking out. Adairs shares have been fairly consistent dividend payers for years now. In 2022, this company doled out two fully-franked dividends worth 8 cents and 10 cents per share respectively.
These two dividends give this share a trailing yield of 7.5% today. Even better, that yield grosses up to a whopping 10.71% with that full franking.
Westpac Banking Corp (ASX: WBC)
ASX 200 bank share Westpac would be a company almost all of us would be familiar with. ASX banks are known for their dividend prowess, and Westpac is no different.
Over 2022, this bank dealt out two fully-franked dividends. The first was worth 61 cents per share, fully franked. The second was a 64 cents per share dividend, also with full franking.
Today, this gives the Westpac share price a trailing yield of 5.49%. That's 7.84% grossed-up.
Dusk Group Ltd (ASX: DSK)
Another ASX homewares retailer, Dusk specialises in candles, oils, fragrances and other similar items. This company was a real pandemic winner, with Dusk shares rising as high as $4 each in 2021. However, the past year or so has been less forgiving, and Dusk has sunk to under $2 at present.
But this fall has done wonders for Dusk's dividends. The company shelled out two dividends last year worth 10 cents per share each. Both came fully franked too.
At the current Dusk share price, we are looking at a dividend yield of 11.2%, or a whopping 16% grossed-up. Take that, term deposit!
Super Retail Group Ltd (ASX: SUL)
Retail is starting to be a theme here. Our penultimate share to look at today is Suepr Retail Group, the company behind popular stores like Rebel, BCF and Super Cheap Auto.
This is another ASX dividend share that has supersized its payouts in recent years. 2019 saw the company fork out 5 cents per share in dividends, but last year, Super Retail made it rain with a total of 70 cents per share. All fully franked too, of course.
Just yesterday, the company announced that its first dividend for 2023 would come in at 34 cents per share, which is a massive increase over 2022's interim dividend of 27 cents per share.
At the last Super Retail share price, this company has a yield of 5.61% on the table, or 8.01% grossed-up.
Harvey Norman Holdings Limited (ASX: HVN)
Our fifth and final ASX dividend machine to consider today is another famous name in retail. Harvey Norman truly has a hardly normal dividend yield right now. The homewares and electronics retailer has also been suffering a bit in recent years, share price wise.
But that didn't stop Harvey Norman from doling out its highest-ever annual dividend in 2022. Last year, the company showered investors with a total of 37.5 cents per share in fully franked dividends.
Together, these give Harvey Norman shares a trailing dividend yield of 9.08% today. That's a good 12.97% grossed-up with those franking credits.
Foolish takeaway
Against these ASX dividend shares, term deposits – eat your heart out.
