Cant seem to compress this banner enough.

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iFordGaming

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First of all, sorry if this is the incorrect place to post, but I could not see any other reasonable place to post this :)
I have created a new banner but the as of the 1MB limit... Thank you youtube.
I can not upload it, the smallest I can get it is 5MB .bmp with 16bit color resolution or whatever,
Is there a smaller format or a better way to compress the image on photoshop?
 
Jpeg will work too. There are debates about quality difference between jpeg and png. I don't really notice any. Either format will get you a great quality file (in some cases better) than bmp at 1/10 the size.

There are differences that make png better for video editing, but that's a different discussion in itself.
 
If you use JPEG then you will have a slider to adjust the size. Your banner would have to be pretty complex to not be able to be made small enough using these sliders
 
Jpeg is a lossy format. Smaller file size is achieved by deteriorating the image. PNG is lossless, and is exactly like a bmp in appearance but under the hood is compressed by collapsing repeating information in the file.
 
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