A huge advantage that banana plugs offer you over ordinary bare speaker wire in the termination point may be the extra convenience. Bare wire can be a headache as you must make sure the wire strands are together as stray strands of copper wire can potentially be a difficulty in the future such as shorting out the system. It gets to be an inconvenience if you need to cautiously put in and connect the uncovered wire two times for every speaker. When you have banana plugs attached to every single wire, you simply connect the cable much like you would with say an HDMI cable. This can be achieved in a few seconds.
As soon as bare wire has corroded you could notice the audio from the channel start to crack or become irregular. Banana plugs remove this difficulty because they are corrosion resistant. Just ensure the banana plugs are gold plated and you are going to have nothing to be concerned about.
Probably the most obvious advantage that banana plugs offer is the fact that they provide you with a professional looking installation of to your speaker system. Many times where only bare speaker wire is used, the result is sloppy - especially if they are used with speaker wall plates. So if you wish to have a nicer final result to the install your speaker system, you should get banana plugs.
With regards to sound quality, banana plugs don't have a discrepancy versus bare wire. Nonetheless, without banana plugs, you take the danger with the exposed copper wire corroding and effecting the sound quality. Should this happen, you will have to cut the corroded wire and reinsert the fresh wire to the terminal.
The most significant problem of not using banana plugs and just using bare wire may be the possibility of damaging your system with cross termination of stray wire strands.
I suggest getting screw type banana plugs simply because they're really simple to install. There isn't any soldering required with screw type plugs. You just insert the bare wire in to the bottom or the side of the plug and screw the bottom portion of the banana plug securely to the bare wire.
Although banana plugs will not advance sound quality, they do present many great advantages which make them worth getting. Banana plugs are found for just a few dollars online so just grab them from http://www.cabletrain.com