Those yield figures look like they might be out of date for those ETFs. Check either the fund issuing company’s website (IBTS and IBTM) or look them up on a site like morningstar.co.uk to make sure you know what you’re buying.
The answer to your question about payment is that these funds pay out quarterly, and you can see the exact amount that has been paid out each quarter in the past on the company’s website, under the heading ‘Distributions’. And yes, you will get that cash deposited into your account because these are funds that are identified as ‘distributing’. You might also see other versions of similar funds that are called ‘accumulating’; in those cases, the money is rolled up into the value of the fund so the share price goes up instead of being paid to you in cash. But be aware that even if the amount you receive in income each quarter is fixed, the share price of the bond fund can go up and down. Not usually anywhere near as volatile as stocks, though!
Bonds are a tricky issue right now and you should make sure you fully understand what you’re buying and whether it meets your needs. Interest rates are currently very low, and people worry about what will happen when they rise. One might think that interest rates rising would be a good thing for an interest-bearing investment, but normally with a bond fund, when interest rates rise, your income will rise slightly but the share price of the fund will drop more quickly than the income rises. This is because as rates rise, the bond fund still owns a mix of old, low-interest-paying bonds that nobody wants anymore, along with new, higher-interest bonds that are coming out, and it takes a long time for the fund to turn over its stock of bonds. So what you think is going to happen with interest rates. is a big issue for bond investors. I’ve personally been convinced by the argument that it’s sensible right now to hold short-term bonds, like the 1-3 year bonds in one of the funds you mentioned or even shorter, but not to hold longer-term bonds like the 7-10 year bonds in the other fund, due to interest rate risk. But you would be wise to read up on this and make up your own mind.
The other thing you should also make sure you are confident about is currency risk. These are US dollar bonds, so changes in exchange rates between the pound and the dollar will affect you. Some people suggest buying bonds in your local currency or buying hedged bond funds to reduce currency risk. Another thing to think about.