Left back Hall comes in from Southampton, while Banks - a goalkeeper - arrives from Bolton.
26-year-old Hall is brought in as cover for Clive Clarke, who was ruled out earlier this week for two months with a knee injury.
After leaving Coventry in the summer Hall joined Nottingham Forest on a pay-as-you-play deal before being snapped up by Southamptoin - where he has found himself on the fringes of the first team.
Banks has been brought in after previous loanee Mark Crossley was recalled by Middlesbrough earlier this week, after just one game with City.
Meanwhile, The Potters have confirmed that former Derby County defender Brian O'Neil will not be joining them after he shunned an offer of a temporary contract.
"We put a temporary deal on the table because he had a previous injury record and we did not want to commit to anything more than that initially," said City director of football John Rudge
"Brian has now left us and I think he is looking at possible other avenues.
"Whether he comes back to us remains to be seen."
