In addition to the various health benefits, banana peel is useful in many other ways too. It can be used to polish your shoes, leather goods and also silver items. Placing banana peel over insect bites or poison ivy rash can help ease the pain. It is a great fertilizer for plants. Banana peel is rich in important minerals and nutrients that help your plants grow well. Hence it can be added to the compost. Banana peel contains enzymes that help in making meat tender and hence it is used in several cuisines as a meat tenderizer.