An online bank is offering to pay $0\mathrm{.}20\%$ interest per month on deposits. Your local bank offers to pay $0\mathrm{.}70\%$ interest quarterly $($every $3$ months$).$ Which is the higher interest rate? $($Note: Be careful not to round any intermediate steps less than six decimal places.$)$

The EAR for the online bank is $\%.($Round to two decimal places.$)$