Focusing on "peel":
* Deal: As in "making a deal"
* Feel: As in "feeling happy"
* Heal: As in "healing a wound"
* Wheel: As in "spinning a wheel"
* Steel: As in "a steel beam"
* Real: As in "a real banana"
Focusing on "banana":
* Nirvana: As in "achieving Nirvana" (more abstract and poetic)
* Panama: As in "the Panama Canal"
Focusing on the whole phrase:
* Teal of a seal: (more playful and whimsical)
* Meal of a steal: (if the banana is part of a cheap meal)
It really depends on the context of your sentence!