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Boost your income with Telstra Corporation Ltd, Woolworths Limited and Commonwealth Bank of Australia!

Believe it or not, Aussie interest rates are out of kilter with much of the developed world.

However, that’s not because they’re lower than everywhere else. In fact, the Aussie interest rate is currently 5 times the UK’s paltry 0.5% and an incredible 17 times higher than the Eurozone’s unbelievably low rate of 0.15%.

So, when people say the RBA can go much lower with interest rates, they are most certainly correct!

All of this is, of course, bad news for savers. However, there is hope and it comes in the form of these three companies, all of which could boost your income during the current period of low interest rates.

Telstra Corporation Ltd

Although dividends per share at Telstra Corporation Ltd (ASX: TLS) are forecast to increase only marginally over the next two years, the company remains a top income play. That’s because it has a fat, fully franked yield of 5.5% and, in addition, has considerable future potential.

Certainly, it operates in a competitive market, but Telstra remains the dominant force in the Aussie mobile market. The company also sees Asia as its longer term focus and expects to raise revenue there significantly over the long term.

With shares in Telstra currently having a P/E ratio of 14.6, they appear reasonably priced and could boost your income.

Woolworths Limited

For income investors, track records mean a lot. Indeed, a company such as Woolworths Limited (ASX: WOW) which has increased dividends per share at an annualised rate of 11.6% over the last 10 years, is viewed as being worthy of a premium to the wider market.

In other words, while a P/E ratio of 17.3 may seem high, the earnings and dividend growth reliability that is on offer seems to make shares in Woolworths fully deserving of such a premium.

Furthermore, with a fully franked yield of 4.1%, Woolworths offers an attractive income right now to complement steady growth potential over the medium to long term.

Commonwealth Bank of Australia

It may come as a surprise to find out that Commonwealth Bank of Australia (ASX: CBA) has increased dividends per share at an annualised rate of 8.2% over the last 10 years. After all, it has experienced one of the worst financial crises in living memory.

However, more growth could be set to come, since CBA is expected to increase dividends per share by 5.2% per annum over the next two years. This should bolster the current fully franked yield of 5.4% and mean that CBA is fully deserving of its current rating of 14. As such, it could prove to be a worthy income play over the medium to long term.

Despite this, a fourth stock has been awarded the title of The Motley Fool's Top Dividend Stock For 2014-15.

The winning company offers a potent mix of a fat, fully franked yield and superb dividend growth prospects. As a result, it could bolster your income in 2014 and beyond.

Click here to find out all about it - it's completely free and without any further obligation to do so.

Motley Fool contributor Peter Stephens does not own shares in any of the companies mentioned.

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