The Federal Reserve has raised the federal funds rate three times during 2023, with the latest increase in June, when the Federal Open Market Committee raised the fed funds rate by 75 basis points or 0.75 percentage points.
Yields on high-yield savings accounts tend to change before or after the Fed raises (or lowers) the fed funds rate. With the Fed moving to raise interest, some banks and credit unions have raised APYs to remain competitive and attract deposits.