Term deposit rates have been falling this year and are largely expected to soften further as the year progresses and the Reserve Bank of Australia cuts interest rates again.

In light of this, income investors may be better off looking at ASX dividend shares instead of term deposits.

But which ones? Let's take a look at three that analysts rate as buys:

GQG Partners Inc. (ASX: GQG)

The first ASX dividend share that could be a buy according to analysts is global boutique asset management company GQG Partners.

Goldman Sachs believes its shares are dirt cheap at current levels. The broker has a buy rating and $3.00 price target on them.

As for income, it is forecasting dividends of 14 US cents in FY 2025 and 16 US cents in FY 2026. At current exchange rates and its latest share price of $2.10, this would mean massive dividend yields of 10.5% and 11.9%, respectively.

HomeCo Daily Needs REIT (ASX: HDN)

Another ASX dividend share for income investors to consider buying is HomeCo Daily Needs REIT.

It is a real estate investment trust with a focus on convenience-based retail centres. Many of these properties are anchored by tenants like Woolworths and Bunnings.

Morgans is a big fan of the company and has an add rating and $1.33 price target on its shares.

In addition, the broker is expecting some very big dividend yields in the near term. It is forecasting dividends per share of 8.6 cents in both FY 2025 and FY 2026. Based on its current share price of $1.19, this would mean dividend yields of 7.2%.

IPH Ltd (ASX: IPH)

A third ASX dividend share that could be a top alternative to term deposits is IPH.

It is a leading intellectual property (IP) services company. It operates across the globe under a number of names. This includes AJ Park, Griffith Hack, Pizzeys, ROBIC, Smart & Biggar, and Spruson & Ferguson.

Morgans is also a fan of the company and thinks that its shares are cheap at current levels. It has an add rating and $6.30 price target on its shares. The broker highlights that "IPH's valuation is undemanding (~10.8x FY25F PE), however investor patience is required given the delivery of organic growth looks to be the catalyst for a re-rating."

As for dividends, Morgans is forecasting fully franked payouts of 35 cents per share in FY 2025 and then 36 cents per share in FY 2026. Based on the current IPH share price of $4.41, this will mean dividend yields of 7.9% and 8.15%, respectively.