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If you had $5,000 to invest, which stock should you buy today?

It’s a tough question and the answer really is, “it depends”.

But when term deposits are lucky to be paying 4% interest, investing in high quality shares should be a no-brainer – especially if they are paying dividends yields of more than 4%.

So here are three ASX investment ideas offering differing benefits…

Income and staying power

For those looking for solid income in a fully franked dividend and a quality company, it’s hard to go past Telstra Corporation Ltd (ASX: TLS). The company raised dividends in the last half – for the first time in eight years – and could do so again in future, thanks to plenty of cash flowing onto the company’s books.

Growth and quality

CSL Limited (ASX: CSL) has generated average returns to shareholders of 27% a year over the past 10 years. That’s nothing if not consistent, and the blood plasma products company may well repeat that over the next ten years. CSL’s shares may not look cheap, but investors are paying for quality and continued strong growth.

A cheap price, high dividend and potential growth

Coca-Cola Amatil Ltd (ASX: CCL) is on the nose with investors. Just yesterday, Fairfax media cited the company as one of the least popular with 9 out of 15 analysts rating the stock a ‘Sell’. That’s good news for retail investors. Over the long-term, Coca-Cola is likely to outperform the market from here, thanks to its strong brands, excellent management and re-entry into the billion dollar spirits and beer market. Add in a 75% franked dividend yield of over 5% as a bonus.

Another stock that would be an excellent fit in most people’s portfolios and could be a better option than any of the three above…

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Motley Fool writer/analyst Mike King owns shares in CSL, Coca-Cola Amatil and Telstra. You can follow Mike on Twitter @TMFKinga

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