Banks was an Inaugural Inductee to the English Football Hall of Fame in 2002. In March 2004, he was named by Pelé as one of the world's 125 greatest living footballers. He was awarded an honorary doctorate from Keele University in February 2006. In May 2006, Banks was the first 'legend' to be inducted into a new Walk of Fame, by having a plaque installed in the pavement in front of Sheffield Town Hall. In July 2008, Pelé unveiled a statue of Banks making his famous 1970 World Cup save outside the Britannia Stadium. In March 2011, he was also inducted into the City of Stoke-on-Trent Hall of Fame, along with Roy Sproson. Pelé became a good friend of Banks and following his death the Brazilian described Banks as a "goalkeeper with magic".