Ms. Jones is exploring savings options from several different banks and has settled on one of the financial products offered by Standard Chartered Bank Vietnam. Calculate the effective annual interest rate for Ms. Jones given that the nominal annual interest rate is equal to fourth digit of your student ID from the left, for example, if your student ID number is S5522331, the interest rate is 2% p.a. (in the event that your digit is 0, treat is as a 9). Note that the nominal interest rate is compounded monthly.

Additionally, Vietcombank is offering the same product with an effective interest rate of 5.5% p.a. Given this, would Ms. Jones be better off saving with Standard Chartered Bank Vietnam or Vietcombank? Justify your answer.