With rumours regarding further cuts in the interest rate persisting throughout most of 2014, next year could well see rates fall to 2% or below.
As a result, savers and income investors are searching for a better alternative to their savings accounts. While the property market could gain from low rates, shares may offer the simplest and most straightforward way of generating a decent return on your capital.
In fact, these three shares offer a yield of 5.8% between them and, as a result, could be worth holding during 2015.
Suncorp Group Ltd
On the face of it, Suncorp Group Ltd (ASX: SUN) may not appear to be a hugely attractive income play. That's because it is forecast to cut dividends per share from $1.05 in FY 2014 to $0.90 in FY 2016, as it seeks to offer investors a more sustainable dividend that is well covered by profit.
However, even with the dividend cut taken into account, shares in Suncorp are still expected to yield 6.4% in 2015, which is even more appealing when you consider that dividends are fully franked.
Furthermore, with shares in Suncorp trading on a PEG ratio of just 0.48, they seem to offer growth at a reasonable price as well as a top notch income for 2015. As such, they could be worth adding to your portfolio right now.
Australia and New Zealand Banking Group
Unlike Suncorp, Australia and New Zealand Banking Group (ASX: ANZ) is forecast to increase dividends per share over the next couple of years. Fortunately for investors, this is expected to take place at over twice the current rate of inflation, with ANZ's shareholder payouts forecast to rise by 5.5% per annum over the next two years. This means that a real-terms increase in income is on offer over the medium term.
Furthermore, with ANZ set to yield a fully franked 5.9% in 2015, it could make a considerable impact on your income return over the next year. Plus, shares in ANZ could also see an uplift in their rating, since they trade on a P/E ratio of just 12, which is considerably below the ASX's P/E ratio of 15.2.
Macquarie Group Ltd
While its dividends are only partially franked, Macquarie Group Ltd (ASX: MQG) is still on target to deliver a yield of 5% next year, with its improving bottom line being a major reason for this.
For example, Macquarie is expected to grow its profitability by 10% per annum over the next two years, which is likely to filter down to increasing payouts for investors over the medium term. So, even if inflation does spike after a period of low rates, Macquarie could still be in a position to offer its investors a real-term increase in dividends.
Furthermore, with shares in Macquarie trading on a PEG ratio of 1.5, there could still be room for growth in its share price even after making gains of 4.5% in the last three months.
