The 1961–62 season proved to be highly disappointing, as Leicester finished 14th in the league and exited the FA Cup at the hands of Stoke City. The only highlight was the club's participation in the European Cup Winners' Cup, which actually put Banks in the difficult position of choosing to play for his club against Spanish club Atlético Madrid or choosing to attend the England versus Portugal match as a non-playing squad member. He elected to attend both games, leaving London at full-time to reach Leicester 30 minutes before the kick-off against Madrid. A last-minute goal earned the Spaniards a 1–1 draw at Filbert Street. In the return leg, Banks saved an Enrique Collar penalty, but Atlético were awarded a second penalty which Collar converted, and Leicester lost the game 2–0 (losing the tie 3–1 on aggregate).