The Jags midfielder, 20, has been given the August gong following a terrifc start to the SPFL Premiership campaign that has seen Alan Archibald's side take eight points from their first five top-flight fixtures.
Bannigan said: "Really the award could have been won by a number of our players. It could easily have been the likes of Stevie Lawless, Aaron Taylor- Sinclair or Stephen O'Donnell that won.
"I'm delighted though it was myself that won it, it's a tough award to win and reflects on the good start to the season that we've made.
"I'm loving playing in the Premiership which is a difficult league. There are a lot of good teams in the division but I think we've adapted well to it.
"There's always been a really good team spirit at the club and that's just continued this season, we've the basis of the same squad as last season anyway."
Next on the agenda for the Jags is a mouth-watering clash with Aberdeen this afternoon as Archibald's side bid to record their first Firhill league win of the season.
Bannigan has struggled with an ankle knock in recent weeks but the midfielder is raring to go against the Dons.
He said: "I'm fit and ready for the game and it is going to be a tough match for us."