Bags of cash? Let's let loose! (8)

I believe the answer is:

satchels

'bags' is the definition.
(satchel is a type of bag)

'cash? let's let loose' is the wordplay.
'let loose' is an anagram indicator.
'cash'+'lets'='cashlets'
'cashlets' with letters rearranged gives 'SATCHELS'.

'of' is the link.

(Another definition for satchels that I've seen is " Bags for school books".)

I've seen this clue in The Independent.

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