Heat bank lets your mech hold more heat before it starts melting or shutting down on you, which is great, because a shutdown mech loses it's turn and everyone gets to do called shots on it for free.
Heat banks good are if you have a huge amount of weapons that will likely kill anything standing next to you, but are impractical to cool down continuously (at least until we get DHS for engines as well).
For example,
my SLDF Royal Griffin CQB build generates 89 heat whenever it alpha strikes, dealing out 418 damage every full salvo (which is
amazing for a Medium carrying maximized frontal armor). I have spent 3 tons on heat management, and the rest on armor and mobility, because you need those things to get into CQB range.
If I used 3x DHS the Griffin would remove 48 heat a turn, and build up 41 a alpha. This means my mech would start melting after shooting everything twice, and shut down after shooting three times. Instead, I put on only 1x DHS and 2x heat banks. The mech only removes 36 heat a turn, and now builds up 54 heat per alpha. However, with 2 heat banks it has 130 overheat and 160 meltdown. Now the mech will not start melting until it has fired everything three times, and won't shut down until it has fired everything four times, which is how much ammo it has for the SRMs anyways!
Also, if smacking your opponents with 1600+ damage isn't enough, you need to bring more mechs, and probably at least 1 bigger mech.
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TLDR use DHS on LRM carrier/long range fire machines, and heat banks on CQB machines. A mix of both for general purpose machines; enough DHS to cool your long range weapons (remember you get 30 cooling per turn 'free' on normal biomes) and heat banks to keep your mech from shutting down when you fire everything.
Unfortunately, heat bank++ seem to be almost as rare as thermal exchanger++... I have over twenty DHS, but only five ++ thermal banks and three ++ exchangers...