If you buy a new CD in your broker account, and say the issue date is 11/29 or something like that, but the trade goes through today? What happens to your money in the 14 days before it is issued?
I don't know what the practice is at other brokerages, but Vanguard leaves the money in your settlement account until the day before the issue date. So, you presumably would be earning interest in the settlement account during that 14-day period.
BTW, for those looking to purchase CDs at Vanguard, Vanguard currently has 3-year non-callable CDs at 4.9% from City National Bank Los Angeles. The CUSIP is 178180GS8. These may not be available for very long. Since last Thursday, they haven't had many CDs available with a duration beyond 18 months.