Cut interest you might pick up (5)
I believe the answer is:
steak
'cut' is the definition.
(steak is a kind of cut)
'interest you might pick up' is the wordplay.
'interest' becomes 'stake' ('stake' can be a synonym of 'interest').
'you might pick up' shows a homophone (sound like).
'stake' sounds like 'STEAK'.
(Other definitions for steak that I've seen before include "Meat (rare, medium or well done?)" , "High-quality cut of beef" , "Porterhouse, perhaps?" , "Fleshy piece of meat" , "Cut of meat or fish" .)