You should try using the :decimal
type of database field, with the :scale
set to 2
To add a decimal column to a new table;
create_table :my_table do |t|
t.decimal :my_column, :scale => 2
end
To add a column to an existing table;
add_column :my_table, :my_column, :decimal, :scale => 2
It is wise to have precisions since some database does not have precision defaults. Such as postgresql:
add_column :my_table, my_column, precision: 30, scale: 2