If you are looking for a high yield stock, you should consider other financial products apart from blue chip stocks.
There are many banks and financial institutions that provide high interest savings accounts. These types of accounts allow you not to worry about stock yields.
Apart from the situation several years ago, currently even saving accounts are volatile with their interests. E.g. in the Czech Republic a new bank Air Bank started with the interest rate of 2.7 % p.a. two years ago and currently offers only 1.6 % p.a. as of July 2013.
ETFs (Exchange-traded funds) focus on stocks that pay out healthy amounts of income to their shareholders. You can also look for mutual funds.
The dividends from an ETF are unfortunately taxed. The tax rate is based on whether the dividend is classified as qualified or unqualified. Criterions for that include the length of time an asset is held.