Banks joined Chesterfield in March 1953, and played for their youth team in the 1956 FA Youth Cup final. He made his first team debut in November 1958, and was sold to Leicester City for £7,000 in July 1959. He played in four cup finals for the club, as they were beaten in the 1961 and 1963 FA Cup finals, before winning the League Cup in 1964 and finishing as finalists in 1965. Despite this success, and his World Cup win in 1966, Banks was dropped by Leicester and sold on to Stoke City for £50,000 in April 1967. In the 1970 World Cup, he made one of the game's great saves to prevent a Pelé goal, but was absent due to illness as England were beaten by West Germany at the quarter-final stage.