Banks was from East Reservoir and played as a centre-half-forward, but injuries prevented him from developing into a key position player. He made his debut in 1979 and played in the losing Grand Final side for the Magpies. In 1984 he won a spot in the VFL's Team of the Year.
Banks was nearing the end of his career in 1990, but played another season and won a premiership medal in the drought-breaking Grand Final for Collingwood. He retired in 1991, a year after premiership success. Banks was inducted into the Collingwood Hall of Fame in 2007.