These are 3 lakes just outside of Banff townsite. You can see a great view of Vermillion lakes with famous Mount Rundle behind. There are 3 lakes: the third one from town has some hot springs and you will notice this as you get closer. Between first one and second one there is tree island where a Bald Eagle couple comes back every Spring. You may be able to see their white head shining on top of the tree. Sunset or Sunrise time is the best time to go. You may see the gorgeous alpenglow if you can time it just right!.
Driving out from Banff to Highway 1 towards the Western exit, just before the Highway there is a sign for Vermillion Lakes and you turn left. Soon you will see the first lake on your left. Keep driving until you reach the dead end. You can then turn around to come back. There isn’t much space to park, but it rarely gets busy there.
You can ask for more details at the information centre in downtown Banff located at 224 Banff Ave.