Forget savings accounts and look at these quality ASX dividend shares

Do you know what the interest rate on a Commonwealth Bank of Australia (ASX: CBA) savings account is right now? It’s just 0.05% per annum.

This means that one million dollars in the bank’s NetBank Saver account would yield just $5,000 of interest each year.

And it isn’t just Commonwealth Bank. A series of cuts to the cash rate by the Reserve Bank means that all the banks are offering interest rates at a similar level.

As a result, if you’re looking for a source of income in this low interest rate environment, then you might want to take a look at the dividend shares listed below:

Coles is a big favourite of income investors due to its positive long term growth outlook and its defensive earnings. The latter was the main…