3 ASX dividend shares with massive yields right now

Here's why National Australia Bank Ltd. (ASX: NAB) and 2 other ASX shares are on my high-dividend ASX share list.

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One of the best things about our own stock exchange is the prevalence of high dividend yields. Our world-unique system of franking dividends translates to an incentive for companies to pay large dividends if they can (or sometimes, even if they can't).

Here are three of my favourite high-yielding income stocks on the ASX today.

National Australia Bank Ltd. (ASX: NAB)

It wouldn't be a proper ASX high-yield dividend article without including one of our ASX banks. NAB is currently boasting the second highest yield of the 'big four' banks at 6.45% and 9.21% grossed-up (on current prices).

Yes, Westpac Banking Corp (ASX: WBC) is currently offering a higher 7% (10% grossed-up) yield today, but I've gone with NAB because I think the prospects of a Westpac dividend cut this year are higher.

The ASX banking sector hasn't had the easiest couple of years and is probably not out of the woods just yet. But on today's prices, NAB shares are trading at historically low levels and I think offer a compelling long-term buy.

WAM Capital Limited (ASX: WAM)

WAM Capital is a Listed Investment Company (LIC) that invests in other ASX shares, usually in the mid-cap space. By buying and selling these shares, WAM Capital is able to bank the profits (as well as some dividends), which are then passed on to its own shareholders in dividend payouts.

On current prices, WAM shares are offering a juicy 6.83% fully franked dividend yield, which grosses up to a whopping 9.76%. WAM Capital has been generating market-beating returns and yields since its listing in 1999 and remains a top income stock in my view.

Alumina Limited (ASX: AWC)

This list wouldn't be complete without including Alumina – the ASX's most generous dividend payer as this writer understands. At current prices, Alumina is offering an eye-popping 12.3% fully franked trailing dividend, which grosses up to a (quite frankly ridiculous) 17.57% yield.

Alumina is a pre-play on the aluminium industry through its joint venture with US giant Alcoa. I don't expect this current level of yield forever. But I'm sure Alumina's shareholders are a happy bunch after last year's record payouts.

Foolish takeaway

These three ASX shares are amongst the highest yielding stocks on the ASX as we stand today. Of course, high yields are often at high risk, so choose carefully for your own portfolio. But history cannot be ignored, and all three of these dividend shares have a strong track record of rewarding their shareholders.

Motley Fool contributor Sebastian Bowen owns shares of National Australia Bank Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. 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 Scott Phillips.

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