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MVC3 Decimal field not validating properly

[DisplayName("Standard Hourly Rate")]

public decimal Rate { get; set; }

 

[Required]

[DisplayName("Daily Travel Rate")]

public decimal TravelRate { get; set; }

       

<div class="editor-label">

    @Html.LabelFor(model => model.Rate)

</div>

<div class="editor-field">

    @Html.EditorFor(model => model.Rate)

    @Html.ValidationMessageFor(model => model.Rate)

</div>

 

<div class="editor-label">

    @Html.LabelFor(model => model.TravelRate)

</div>

<div class="editor-field">

    @Html.EditorFor(model => model.TravelRate)

    @Html.ValidationMessageFor(model => model.TravelRate)

</div>

       

<input type="text" value="" name="Rate" id="Rate" data-val-required="The Standard Hourly Rate field is required." data-val-number="The field Standard Hourly Rate must be a number." data-val="true" class="text-box single-line">

 

<input type="text" value="" name="TravelRate" id="TravelRate" data-val-required="The Daily Travel Rate field is required." data-val-number="The field Daily Travel Rate must be a number." data-val="true" class="text-box single-line">

       

decimal myMoney = 300.5m;