Banded killifish are euryhaline, but they usually inhabit freshwater streams and lakes. The largest adult recorded, observed in Indian Bay, Canada, was . People have used banded killifish as fish bait. Most people do not favor them as pets because they require a high level of maintenance and therefore do not survive well in an aquarium setting. They are important to aquatic ecosystems because they are a food source for larger fish such as largemouth bass, northern pike, and trout. They are also a food source for birds such as belted kingfisher ("Megaceryle alcyon"), common merganser ("Mergus merganser"), and herons.