Crossword Genius

Currency banked by my lord (7)

Ross

I believe the answer is:

grandee

I'm a little stuck... Click here to teach me more about this clue!

'lord' is the definition.
(I know that Grandee is a type of lord)

'currency banked by my' is the wordplay.
I cannot quite understand how this works, but
'currency' could be 'rand' (I've seen this before) and 'rand' is found in the answer.
'my' could be 'gee' (I've seen this in other clues) and 'gee' is found in the leftover letters.
No letters remain.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for grandee that I've seen before include "Ran edge around the Spanish nobleman" , "Spanish bigwig" , "aristocrat" , "Person of high rank" , "Person of eminence" .)

I've seen this clue in The Guardian.
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