Researching 'secondary' cds a bit, just want to make sure I understand one thing clearly here: regardless of the interest rate on the cd, the actual 'yield' depends on market conditions and may fluctuate and may be higher or lower than the interest rate of return listed for the cd.

BUT....am I correct that if you wait until the cd matures, you are guaranteed the listed interest rate, based on original purchase price? (Yes, I know you can purchase one below, at or above par, and this is of course assuming you bought a FDIC insured bond so you're protected even if the bank fails). Does that mean even if you buy a secondary cd with a current yield lower than the 'coupon rate' you will receive the coupon rate, regardless of market conditions, upon maturity?