Advice for transferring out 250K+ to 'high' interest accounts?

Im relatively young (under 25) and dont have much banking or investing experience, so please bare with me.
I currently have over 250K sitting in a BBT money market account at a worthless .35%, I would like to transfer it over to two separate institutions so I get all of the money covered through the FDIC and/or NCUSIF. I've spent the last couple of hours going through sites and believe I found the two highest banks/credit unions that I am eligible for:

AmTrust Direct: MMA 1.05%
Citizens state bank - CSBdirect: MMA 1.05%

Does anyone have experience with either of them?

I came across a post from a few years ago saying that the citizens state bank [of Florida] only is available to residents within 50 miles of it- however i didn't see that requirement anywhere on the site and will call on Monday to check. (I live in Virginia anyways)

I plan on letting the money sit and accumulate till I am more versed in investment methods, only skimming the top of the accounts when they near going over 250k or for upkeep to show the account is active.

Which leads me to another question:
Since I'll be hitting any minimum requirements, wont be withdrawing or writing checks often, would the interest rate fluctuate more on one account type over another?(savings,checking, MMA)
Because there are several other institutions offering 1% with savings or checking account and if it means staying in the 1% zone longer, than id ditch the extra .05% from the MMA.

Another question, if a bank or credit union go under, and you dont have more than the insured amount, how long would it take to get your funds back? Immediately or is there a holding period? I ask because while researching banks I found several were very very sketchy. Websites looking like geocities, others chalked with ads, and a credit union offering 2.5% with 3 employees and only handling 3 mil.

If anyone has any better suggestions for accounts, please let me know!