National Australia Bank Ltd (ASX: NAB) boasts a dividend yield of 7.22%, which is fully franked, taking pre-tax yield to above 10%.

That’s hard to beat, particularly from other blue-chip stocks, but the problem for investors chasing NAB’s yield is that the banks are under pressure from a number of sectors. That includes higher funding costs, potentially higher capital requirements, a bad debt cycle that is starting to rise and exposure to a number of companies in the resources sector that could cost them millions.

Don’t forget that NAB saw its cash earnings fall 3% for the June 2016 quarter.

As an example, Arrium and McAleese are both in administration and owe their bankers millions.

That means investors should look beyond NAB for strong dividend yields. Here are 3 alternatives…

Tamawood Limited (ASX: TWD)

Tamawood is an Australian home builder with an exceptional dividend record. Currently paying a fully franked dividend yield of 7.4% at the current price of $3.40 – which grosses up to more than 10%. Tamawood also has the potential to maintain that yield far into the future. The good news is that with a market cap of just $90 million, the company has zero coverage by mainstream analysts and is therefore flying under the radar.

Having just reported its 2016 full year results, Tamawood could be worthy of adding to your watchlist.

Dicker Data Ltd (ASX: DDR)

Dicker Data is a wholesale distributor of computer hardware, software, and related products. So far this year it has delivered a strong performance thanks partly to the success of new vendors introduced last year. In its recent half year results, Dicker Data posted a 13.2% increase in underlying net profit to $12.6 million and expects to achieve $35 million in pre-tax operating profit for the full year. Paying 3.85 cents per quarter also equates to a fully franked dividend yield of 7.8% – which grosses up to more than 11%.

Mortgage Choice Limited (ASX: MOC)

The mortgage broker and financial planning company recently reported dividends of 16.5 cents for the 2016 financial year (FY16). At the current price of $2.05, that equates to a dividend yield – fully franked – of 8% or 11.4% grossed up. Cash net profit was up 10.7% in FY16 too, and the company is rapidly growing its funds under advice and premiums, and now generates more than 10% of revenue outside of mortgage lending. Mortgage Choice says it expects to have another strong year in FY17.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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.