There are some S&P/ASX 200 Index (ASX: XJO) shares that have dividend yields that are much higher than bank savings interest rates.
The Reserve Bank of Australia (RBA) official interest rate is now just 0.25%.
Here are two ASX 200 dividend shares that may be worth considering for income:
Brickworks Limited (ASX: BKW)
Brickworks is one of the largest building products businesses on the ASX. According to the ASX, it has a market capitalisation of $2.75 billion.
The business manufactures and sells a variety of products in Australia. It offers clay bricks and pavers, masonry and stone, roofing, specialised building systems, precast and cement.
These products are sold through various brands like Austral Bricks and Bristle Roofing.
Brickworks also has a sizeable presence in the US after making the acquisitions, including Glen Gery. Brickworks is actually the market leader in the north east of the US.
Across the business it has 2,500 staff, 45 manufacturing plants, 54 design studies, displays and masonry supply centres, 17 brands and more than 2,000 products.
The company is currently seeing a recovery in the Australian building products market after a difficult 2020. In a trading update it said that it has made a strong start to FY21, with first quarter earnings well ahead of the prior corresponding period. However, the US segment is still suffering from COVID-19 impacts.
The ASX 200 dividend share is currently investing to build its competitive position in key markets. It's constructing a $75 million Austral Masonry plant in Sydney, which is on track for completion in 2021. At Horsley Park, it has demolished the old brick kiln and associated equipment at plant 2, paving the way for the construction of a new $125 million face brick plant. Brickworks said this was the most advanced brick plant ever build when complete.
Brickworks' other segments assist paying the dividend. It owns a large amount of Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) shares, which pays a growing dividend up to Brickworks. Soul Patts has a diversified portfolio of assets which pays good cashflow.
The company also owns a 50% share of an industrial property trust with Goodman Group (ASX: GMG) which continues to generate higher rental profit and that gets paid to Brickworks. The property trust is currently building two high-tech warehouses for Amazon and Coles Group Ltd (ASX: COL).
Brickworks has hasn't cut its dividend for over forty years and at the current Brickworks share price it has a grossed-up dividend yield of 4.5%.
Tassal Group Limited (ASX: TGR)
Tassal is one of the largest fish businesses in Australia. It has large salmon and prawn operations.
Despite the effects of COVID-19, in FY20 it was able to grow revenue by 0.3%, operating earnings before interest and tax (EBIT) by 12.7% and operating net profit after tax (NPAT) grew by 13.3%.
It was this result that allowed the business to maintain the half-year dividend at 9 cents per share whilst the total dividend was maintained at 18 cents per share.
The ASX 200 dividend share made a prawn farm acquisition, 1,300 hectare property called Billy Creek, it's a neighbouring property to the company's existing Proserpine prawn farm. The combination of the two properties provides an opportunity for an additional 350 hectares of ponds, supporting a total of around 800 hectares of ponds across the wider precinct.
At the current Tassal share price it has a partially franked dividend yield of 5.3%.
