With interest rates expected to fall over the next 12 months, it looks like we may have already reached a peak for savings accounts and term deposits.

While this is disappointing for income investors, the Australian share market is here to save the day with its superior dividend yields.

For example, the two ASX dividend shares named below have been given buy ratings and tipped to provide investors with ~7% dividend yields in the near term. Here's what you need to know about these income options:

Dexus Convenience Retail REIT (ASX: DXC)

The first high-yield ASX dividend share that could be a buy is Dexus Convenience Retail REIT.

It is the owner of a high quality portfolio of Australian service stations and convenience retail assets. These are found largely on Australia's eastern seaboard and are leased to leading Australian and international convenience retail tenants with a long lease expiry profile and contracted annual rent increases.

Bell Potter is tipping its shares as a buy. Earlier this week, the broker said:

Compelling risk-adjusted returns: DXC offers a yield c.7% based on FY25 DPS guidance. While we do see asset values declining (BPe 10bp cap rate expansion), trading at a 20% discount to NTA and 10% discount to BPe NAV looks too punitive to us for a defensive sub-sector.

As per the above, Bell Potter is forecasting dividends per share of 20.6 cents in FY 2025 and then 21 cents in FY 2026. Based on its current share price, this implies dividend yields of 6.9% and 7%, respectively.

The broker has a buy rating and $3.30 price target on its shares.

Woodside Energy Group Ltd (ASX: WDS)

The team at Morgans thinks that big dividend yields are coming from Woodside shares in the near term. As a result, the broker feels that it would be a good option for income investors.

Its analysts think that Woodside's shares are being undervalued by the market. Particularly given its high-quality earnings and strong balance sheet. The latter provides it with the fire power to make acquisitions. Morgans recently commented:

A tier 1 upstream oil and gas operator with high-quality earnings that we see as likely to continue pursuing an opportunistic acquisition strategy. WDS's share price has been under pressure in recent months from a combination of oil price volatility and approval issues at Scarborough, its key offshore growth project. With both of those factors now having moderated, with the pullback in oil prices moderating and work at Scarborough back underway, we see now as a good time to add to positions.

As for dividends, the broker is forecasting fully franked dividends of $1.93 per share in FY 2024 and $1.61 per share in FY 2025. Based on its current share price, this will mean dividend yields of 7.5% and then 6.3%.

Morgans currently has an add rating and $33.00 price target on its shares.