This 5-ingredient banana pudding is famous for a reason: it's quite addictive, and even better, super easy to make! Make sure you start the day before you serve it - enjoy cold layers of cream, wafers and bananas!
Start by combining the condensed milk and ice cold water in a medium bowl. Whisk to combine. Then add the vanilla pudding and whisk until well combined. You can do this using a whisk or a stand mixer. Cover with plastic wrap and refrigerate for 3 to 4 hours, until scoop-able with a spoon.
When the vanilla pudding is ready, use a stand mixer or hand mixer to whip the heavy cream until stiff peaks form. Gently fold the whipped cream into the pudding mixture until they are well incorporated.
Peel and slice the bananas into circles. In an 8x12 inch casserole dish (see notes) that is at least 2 inches deep, add a thin layer of the cream. Then add a layer of the vanilla wafers, placing them side by side. Top with a layer of bananas. Repeat the cream layer, then wafers, then bananas. The top layer should be cream.
Crumble any leftover wafer pieces over the top, then cover with plastic wrap and refrigerate for at least 7 hours, or ideally 12 hours. I found that anything less than 7 hours and the wafers are not very soft. Anything more than 10-12 hours and the bananas may brown a little bit, but to be honest, it doesn't show much and it still tastes delicious. Do not place any bananas on top until you are ready to serve. The bananas nestled in the cream will stay fresh longer since they are not exposed to air.
To serve, chop up more bananas and place on top. Scoop the pudding into individual bowls and serve.
Notes
You can use a larger or smaller casserole dish, but you will have either more or less layers than I achieved. The quantities listed achieved 2 layers of bananas and wafers and 3 layers of cream in an 8x12 inch dish.
In Canada, we don't have the original vanilla wafers used by Magnolia bakery. See the ingredients section for a link to the Canadian ones I use.
You can keep this dessert in the fridge for 24 - 48 hours. I've done that, and it's still perfectly delicious, but with just a bit of browning on the bananas that you won't notice much. Trust me!