A title of rank, conferred for heroic deeds, and hence, an order of knighthood; also, the person bearing such title or rank.
A military rank, superior to that of a knight. Bannerets bore square banners, rather than long pennons. (Prestwich, Michael. Armies and Warfare in the Middle Ages: The English Experience, 347) Lord entitled to have a banner, and drawing higher wages of war than an ordinary knight. (Frame, Robin. Colonial Ireland, 1169-1369, 144)