At some time, he moved to live as a country attorney at Scofton, Nottinghamshire, where he was steward of the manors for Lady Mary Howard of Worksop.
At the 1715 general election Banks stood for Parliament at Great Grimsby where his opponent, being in debt, had promised to repay his creditors after he won.
Banks pointed out that if his opponent won, he could claim privilege and default, and so offered to pay the notes of credit himself.
He voted consistently with the government and his only speech was to oppose a scheme to improve navigation facilities at the rival port of Sunderland.
In 1719, he bought some estates which were forfeited after the Jacobite rebellion (and which he sold back to the family later a profit), and in 1720 made a profit from South Sea Company stock before the bubble burst but avoided a penalty because, unlike his fellow MP Robert Chaplin, he had paid for them himself.