Why are these called 5 way binding posts? I count four!

@larryi is correct. We always used to use double banana plugs in the day as they saved time, but the posts have to be the correct distance apart.

Okay. It’s time to get real here.

The term "bind" is defined as to "tie or fasten (something) tightly." Anyone who’s tried to shove a Dyson in between a wall and their speakers, whacked a cable, and dislodged a banana connector "binded" to their speaker knows that it is not fastened "tightly."

A more correct engineering description of a banana connection is referred to as an "interference fit". See linked video.

https://www.youtube.com/watch?v=KwpEgwiX850

Tithes may bind. Banana connectors do not.

I vote for 4-way + 1.

The term "5-way binding post" is actually a bit of a misnomer, as there are typically only four ways to connect speaker wire to these types of posts. The five-way designation comes from the fact that these binding posts have five individual components, which are:

1. The post itself, which is typically a metal shaft that is screwed into the amplifier or speaker cabinet.
2. A threaded collar or nut that secures the post in place.
3. A plastic or metal insulator that prevents the post from coming into contact with the metal chassis or cabinet.
4. A hole or slot in the post that allows you to insert a bare wire or a spade connector.
5. A hole or threaded insert in the side of the post that allows you to insert a banana plug.

So, to summarize, the five components of a 5-way binding post are the post itself, the threaded collar or nut, the insulator, the wire/slot, and the banana plug hole/threaded insert. However, there are only four ways to connect speaker wire to these posts: bare wire, spade connectors, banana plugs, and pin connectors (although the latter are less common).

Just to document my source….it was ChatGPT. 

Great little conversation you got here. My 2 cents is the alligator clip is a red

herring. The double banana is the 5th way, or was until the EU got involved. 

I use banana plugs because they have appeal!

Yeah, sorry.