JSFiddle - React, Tailwind, and code Playground

HTML

<select id="lstSelectRates">
<option value="1.01">(I)Ally Bank-Internet (1.01)</option>
<option value="1.01">(I)Alostar Bank-Internet (1.03)</option>
    <option value="0.55">(I)American Express Bank-Salt Lak (0.55)</option>
</select>

JavaScript

var $sel = $('#lstSelectRates');
var $children= $sel.children('option').sort(function(a,b){
                                              a=$(a).attr("value")*1.0;
                                              b=$(b).attr("value")*1.0;
                                              return a > b ? 1 : -1;});

$sel.empty();
$children.appendTo($sel);