Let me guess: You want to smash record-low interest rates on term deposits with blue-chip ASX shares paying fully franked dividends? Well, I’ve got a treat for you.

Because there are four ASX shares I think every income investor should have on their watchlist. And although not all of them are a bargain at today’s prices, in my opinion, long-term investors should be ready to pounce if/when prices drop.

  1. Wesfarmers Ltd (ASX: WES)

Wesfarmers is the name behind popular retail brands like Coles, Bunnings Warehouse, Officeworks, Kmart and more. Wesfarmers shares are forecast to pay a dividend equivalent to 4.88% fully franked in the coming year. That’s a gross yield of 6.97%! And with its recent push into the UK, the continuing outperformance of Coles and market-leading positions in discretionary retailing, the dividend could grow healthily for many years.

  1. Telstra Corporation Ltd (ASX: TLS)

Telstra is arguably one of the ASX’s most popular dividend stocks – for good reason. The $68 billion telecommunications heavyweight is the dominant force in mobiles, fixed internet, eHealth and other emerging-technology markets. Coupled with a very promising Asian strategy and a cash windfall from the government’s NBN Co on its way, Telstra’s 5.63% fully franked dividend yield looks sustainable.

  1. WAM Capital Limited (ASX: WAM)

WAM Capital may not be a name synonymous with dividend shares in Australia. But it should be. WAM Capital is a Listed Investment Company (LIC), which means it invests a large sum of money (funded by its founding members) and the proceeds from its investments (cash, shares, bonds, etc.) are reinvested or paid out as dividends to shareholders. Being an LIC, as opposed to a fund manager, WAM Capital can have large amounts of cash sitting aside until it finds promising investments. WAM Capital has performed exceptionally well over the long term and shares currently trade on a trailing 6.5% fully franked dividend yield – that’s a comparable yield of 9.3%!

  1. Flight Centre Travel Group Ltd (ASX: FLT)

Brand strength, overseas growth and dividends are on offer with shares of Flight Centre Travel Group. The company is expanding its US, European and digital footprint, but still offers a 4% fully franked dividend yield. A falling Australian dollar hasn’t been enough to dissuade analysts from forecasting profit and dividend growth in the near future. Pleasingly, the company is well run yet trades at a discount valuation to the market.

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Motley Fool writer/analyst Owen Raszkiewicz has a financial interest in Flight Centre. Owen welcomes -- and encourages -- your feedback on Google+, 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.