Bancroft sits at the base of the Fish Creek Mountain Range at the edge of a wide valley. To the south the valley is called Gem Valley, but to the north it is called Portneuf Valley. Being a railroad town, Bancroft is laid out in a grid that is aligned with the railroad, rather than north and south. The town is small, with about a half-dozen streets in each direction. Farmland surrounds the town.
An older alignment of U.S. Highway 30 passes through Bancroft, following the railroad tracks. This segment was decommissioned when a shorter route was taken across the Fish Creek Mountains. The older route passed around the northern tip of the mountains.
The population of Bancroft, as of the year 2000, was 382. The elevation is 5,420 feet.