There's nothing particularly magic about banana peels compared to other peels. But if you're putting these in the garbage, you totally should stop doing that and use them in your garden.
Cutting up individual peels and adding them to the garden is way too much work for me. Instead, I have a small lidded bucket on my kitchen counter. I add all fruit peels, cores, vegetable peels, stalks, and other bits of raw fruit and veg as the day goes on. I also add eggshells and used coffee filters full of coffee grounds. Nothing cooked, nothing non-vegetable. When it's full (more than once a day in the summer) I take it outside and put it on the compost pile which can be as simple as literally a pile on the ground.
Occasionally (say at the start of the growing season, and during the summer if you feel like it) I turn the whole pile over to make an upside down pile next to it. I have mesh bins to make this process slightly neater. Then new stuff continues to get added to the old location. The turned over pile is now a source of compost to put around your plants, add shovelfuls of when transplanting things, and so on. If you like you can run a three-pile system - take compost from pile 3, turn pile 2 over into where pile 3 was, turn pile 1 over into where pile 2 was, always add new stuff to pile 1. You can add pulled up garden plants and whatnot to pile 1 as well.
In this way your garden gets the organic matter from your peels and you throw out less garbage. It is actually less work to compost this way than to throw my peels away and empty the garbage more often.