In 2016, interest rates on term deposits and savings accounts are expected to remain at record lows. My guess, therefore, is that blue chip shares with sustainable dividend yields over 4.5% will remain in high demand.

If you’re seeking a blue chip share portfolio with reliable dividends over 4.5% I think you can look no further than Wesfarmers Ltd (ASX: WES), Telstra Corporation Ltd (ASX: TLS), Westfield Corp Ltd (ASX: WFD), Flight Centre Travel Group Ltd (ASX: FLT) and Macquarie Group Ltd (ASX: MQG).

Wesfarmers – gross dividend yield: 7.03%

Wesfarmers is the owner of Kmart, Coles, Bunnings Warehouse, Officeworks and more. Wesfarmers is more than 100 years young but continues to grow healthily. In the year ahead, analysts expect the conglomerate to pay a fully franked dividend of $2.02.

Telstra – gross dividend yield: 8.18%

In the year ahead, analysts surveyed by Morningstar expect Telstra to pay a fully franked dividend equivalent to 8.18%. Australia’s largest telco continues to grow rapidly in the local mobiles market and is embarking on a promising Asian expansion.

Westfield Corp – gross dividend yield: 4.5%

Westfield shares yield considerably less than Telstra and Wesfarmers partly because they don’t distribute franking credits. However, what Westfield shares lack in dividend yield they make up for in growth potential and reliability. Westfield Corp is the global arm of Westfield shopping centres, with lucrative assets in the UK and USA.

Flight Centre Travel Group – gross dividend yield: 5.5%

Flight Centre Travel Group is expected to pay a fully franked dividend of $1.58 per share in the next year. Despite competition from digital comparison sites, Australia’s largest bricks-and-mortar travel agent has an enviable track record of growth and is building on its international network.

Macquarie Group Ltd – gross dividend yield: 5.4%

Australia’s largest investment bank is forecast to pay a dividend, franked at 40%, equivalent to 5.4% in the year ahead. Macquarie’s push into annuity-style business lines combined with its overseas exposure puts its dividend payments in good stead over coming years, in my opinion.

A BIGGER dividend stock idea than Macquarie

Macquarie is a good dividend stock, but this "dirt cheap" company is growing like gangbusters, and trading on a 5.6% dividend yield, FULLY FRANKED (8% grossed up). So with interest rates set to stay at these low levels for years to come, for income-hungry investors, including SMSFs, this ASX company could be the "Holy Grail" of dividend plays for 2016. Click here to gain access to this comprehensive FREE investment report, including the name of this fast growing ASX dividend share. No credit card required.

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Motley Fool writer/analyst Owen Raszkiewicz has a financial interest in Flight Centre.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.