A banana plug is a type of electrical connector that was invented in 1924 and is still in widespread use today. The banana plug connectors form a much better connection compared with clamping a wire and are far more convenient.
High end home and car audio speakers use banana plug connectors because they offer a far superior connection and you can unplug them easily. Unlike conventional wires a banana plug will not fray or poke your finger. Ever had a stray wire puncture your finger and draw blood? I have and it hurts, which is another reason that I love using these jacks.
When it comes to audio uses Banana Plugs out shine regular audio connectors because of their superior connection properties and fast disconnect reconnect times.
When you look at a voltmeter or ohm meter chances are you will see Banana Plug Connectors in use on these devices. Again their solid connections assure that the meters will measure the true resistance in a device and not in the leads connected to the meter. My voltmeter uses a pair of electrical leads which have a male banana plug on the end that plugs into the voltmeter.
The photo below is of my voltmeter and shows the three banana jacks where the connecters can plug into. This allows for the uses of different types of cables for different applications, making the meter more versatile.

There is a high voltage electrical connector that is basically a regular banana plug with a insulating sheath on both the plug and the jack (male and female connector). This is done to prevent any unintended or accidental contact. These electrical connectors are safe that exposed plugs and usually have a voltage rating on them for their max voltage. Some can have as much as forty thousand volts DC or twenty eight thousand volts AC. Of course a lot of the time that voltage is at a very low amperage.
Safety note: Never assume that just because you have an insulating sheath that you can handle a high voltage connector with out any worries. You should always threat them with caution, ideally disconnecting the power first or even going so far as to wear insulating gloves.
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