Bank in contact with peer (5)

I believe the answer is:

baron

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'peer' is the definition.
(I've seen this before)

'bank in contact with' is the wordplay.
'bank' becomes 'bar' (I am not sure about this - if you are sure you should believe this answer much more).
'in contact with' becomes 'on' (I've seen this in other clues).
'bar'+'on'='BARON'

Can you help me to learn more?

(Other definitions for baron that I've seen before include "Husband" , "Born a (anagram) - powerful man of business" , "British peer of the lowest rank" , "Aristocratic title" , "Member of the nobility" .)

I've seen this clue in The Telegraph.

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