Sean Neave opened the scoring for the Toon teenagers inside 11 minutes at the Magpies' Little Benton Academy before, seven minutes later, Owen Eames levelled for the Rams.
Charles Ebuka fired County ahead four minutes after the restart before Neave, who signed his first professional contract with United last month, completed his hat-trick with two goals in the space of 12 minutes, with the England Under-17 international completing his treble from the penalty spot.
However, Newcastle's youngsters were unable to secure their first win of the 2024/25 following Banks' penalty in the third minute of stoppage-time, rounding off an entertaining encounter on Tyneside.
Newcastle United Under-18s: Adam Harrison, Henry Johnson (Ezra Tika-Lemba 78), Logan Watts, Luke Craggs, Jake Durrant, Mason Miley (Jude Cogdon 73), Guy Bloomer, Mo Waddani, Matty Taylor, Matheos Ferreira, Sean Neave.
Subs not used: Tyler Jones, Joe Brayson, Kacey Wooster.