The Bananas are walking on the beach one rainy morning. After a while, the sun comes out, along with a rainbow. The bananas are admiring it when B1 tells B2 how there is supposed to be a pot of gold at the end of every rainbow, greatly exciting B2. B1 says that the rainbow will hear them talking, so they have to be quiet.
They try to sneak up on the rainbow. However, each time they do so, the rainbow disappears, only to appear somewhere else. By lunchtime, the bananas have chased the rainbow to the park. However, they still haven't caught it and sit on the park bench to rest.
Lulu walks by and notices how tired the bananas look. They explain that they have spent an entire morning chasing the rainbow and their reason for doing so. Lulu starts laughing and points out that no one, not even Bananas, can catch a rainbow, much to the Bananas' surprise and dismay. Lulu says she knows what will cheer them up and invites them to her house at tea time.
Lulu returns and tells the other Teddies what happened. They spend the afternoon painting a rainbow while Lulu makes some munchy honey cakes and golden jelly. The arrange the cakes in a pot at the end of the rainbow. The bananas agree that this is even better than a real pot of gold.