More than a million metric tons of waste, specifically banana peels, are generated annually from the production and consumption of bananas, a major crop and popular snack in the Philippines. Banana peels are often discarded, despite their significant potential for various applications, including food uses, as they contain higher amounts of nutrients and phytochemicals compared to the pulp. There is a notable gap in the literature regarding the utilization of banana peels, particularly those from unripe bananas, as a raw material for herbal tea production. This study addresses this gap by assessing the beneficial bioactive compounds of tea prepared from peels of unripe and ripe Saba bananas at different decocting periods (10, 20, 30 minutes) in terms of antioxidant properties and mineral composition. The peels were sourced mostly from small businesses that regularly utilize Saba bananas and do not have any more use for them, and were brewed into tea in a 1:8 ratio with water. Results from laboratory and statistical analyses show that the levels of antioxidant properties significantly increase (p < 0.001) with ripeness, and the amount of minerals significantly increase (p < 0.001) with both ripeness and decocting periods. Consequently, tea samples prepared from peels of ripe Saba bananas at a decocting period of 30 minutes had the highest values for antioxidant properties and mineral components. This study successfully utilized peels from both unripe and ripe Saba bananas, which would otherwise have been discarded. It demonstrated the presence of bioactive compounds in peels that can offer significant health benefits.