The RBA left official interest rates at 1.5% last Tuesday and most analysts still believe the next move by the central bank will be down.

This means savers are likely to endure a long period of low interest rates and low returns if they choose to invest their money in cash. Once you take into account inflation and tax, investors could be left with no real return.

To combat this, I think investors should consider shares that offer generous dividend yields with the potential for capital gains on top.

Here are four options that look quite attractive right now:

Telstra Corporation Ltd (ASX: TLS)

Telstra shares have slumped more than 12.5% over the past six weeks and are now trading near their 52-week lows. This means now could be a great time for income investors to pick up the shares as they now offer a fat dividend yield of 6.1%. When franking credits are included, investors are presented with a grossed up yield of nearly 8.8%. That’s pretty hard to go past even if the share price doesn’t skyrocket from here.

Mantra Group Ltd (ASX: MTR)

Mantra shares have plummeted nearly 40% since the start of the year, and as a result, now offer investors an attractive forward dividend yield of 4.6%. Although some investors remain concerned that tech disruptor, Airbnb, is eating away at Mantra’s market share, this hasn’t been the case so far and the accommodation provider has maintained a positive growth outlook on the back of a solid full year result.

IPH Ltd (ASX: IPH)

IPH was one of the market darlings of 2015, but the same can’t be said in 2016, with the shares dropping more than 40% since the start of the year. In fairness, the shares were quite expensive at their peak and it appears some investors have now become indifferent towards IPH thanks to a number of new intellectual property firms listing on the ASX recently. Nevertheless, IPH delivered a strong uplift in earnings in its latest result and now trades on a plump forward dividend yield of 4.6%.

Macquarie Group Ltd (ASX: MQG)

Macquarie has easily outperformed the big four banks over the past six months and there is nothing to suggest it cannot continue to outperform the sector over the medium term. The shares continue to trade on an attractive valuation and offer a partially franked dividend yield of around 5%. While Macquarie’s grossed up dividend yield may not be as large as the big fours banks, I think investors are suitably compensated with the potential for much higher capital gains over time.

Forget companies cutting dividends like BHP and Rio Tinto when you can get GROWING dividends.

This "dirt cheap" company. is growing like gangbusters, and trading on a fat dividend yield, FULLY FRANKED. 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 contributor Christopher Georges owns shares of IPH Ltd, Macquarie Group Limited, and MANTRA GRP FPO. The Motley Fool Australia owns shares of IPH Ltd. 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.