Hi Dave:
These are considered five way binding posts. So there are a number of options for connecting them including unscrewing them and terminating the bare wire as you described. The banana plugs come in handy when you need to connect and disconnect on a regular basis (they are some time referred to as quick connects). Another way, is to terminated the bare wire in spade terminal and unscrew the barrel enough to slide the spade terminal around the post and then tighten the barrel.
TL