This convention is also used for the purpose of calculating accrued interest due from a buyer to a seller of a security sold between interest payment dates. (americanbanker.com)
The CDs are usually callable on each subsequent interest payment date. (fisn.com)
If you prefer more frequent payouts, you may need to structure your portfolio accordingly, typically by purchasing a number of different bonds with staggered interest payment dates. (us.etrade.com)