It’s a tough market for those with large cash balances right now. The very best term deposit available right now, according to Canstar, pays a meagre 3.1% in interest, which pales beside yields of 5%+ from Australian shares.

If you’re unlikely to need the cash in the next 5 years, consider placing some of it into shares, where you can receive the benefit of bi-annual payments as well as earnings growth from the underlying business.

The following are three Australian shares paying franked dividends of around 5% that are also well placed to grow earnings over the next few years.

Wesfarmers Ltd (ASX: WES) needs no introduction, being the name behind businesses like Coles, Bunnings Hardware, Officeworks, and K-Mart, as well as a variety of industrial and chemical businesses. Most of the earnings come from retail, where the company’s strong brand names and store network lend themselves to reliable sales performance and management’s long-term focus drives performance over time. Despite the recent problems with Target, Wesfarmers is well placed to continue to perform and recently took market share from Woolworths.

With a 4.9%, fully-franked dividend yield, Wesfarmers looks like a solid purchase for the income-seeking investor.

Coca-Cola Amatil Ltd (ASX: CCL) is a name that’s also familiar to virtually all investors, being the bottler behind dominant soft-drink beverage Coke, as well as many other popular beverages. The company has been out of favour with investors recently, although new CEO Alison Watkins looks to have put the business on a firm footing. Coca-Cola is targeting mid-single digit growth in earnings over the next few years, while its high dividend payout ratio and ‘everyday’ nature of its products should continue to result in strong repeat business from customers.

With a 5.2% dividend franked to 75%, Coca-Cola is another solid choice for the patient, income-seeking investor.

Telstra Corporation Ltd (ASX: TLS) is also a household name, in what is perhaps a lesson to readers of the cash-earning power of Australia’s biggest businesses. Having the biggest customer network as well as an outstanding track record of overseas growth investments (as witnessed by the recent sale of Autohome) has delivered reliable income to shareholders for years. Strong cash flows, access to incredibly cheap funding (see recent Euro bond issue), and reliable, recurring income have made the business a favourite of income seekers – and for good reason.

While the share price has been under pressure recently over fears of limited growth and rising competition, this has swelled the company’s dividend to a staunch 5.9%, fully franked.

Of course, investors looking for an outstanding dividend stock shouldn't go past The Motley Fool's Top Dividend Share for 2016. Not only are the shares dirt cheap, the company is trading on a 6.3% fully franked dividend yield - and I'm considering topping up my holding.

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Motley Fool contributor Sean O'Neill has no position in any stocks mentioned. 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.