Bank at last near Ely (4)
I believe the answer is:
rely
'bank' is the definition.
(to bank on is to rely on)
'last near ely' is the wordplay.
'last' suggests the final letters.
The final letter of 'near' is 'r'.
'r'+'ely'='RELY'
'at' acts as a link.
(Other definitions for rely that I've seen before include "Bank (on someone)" , "City with cathedral" , "Old rally" , "Depend, bank" , "Depend (upon)" .)