Drink around north is bargain (4)
I believe the answer is:
snip
'is bargain' is the definition.
(slang term for a good deal)
'drink around north' is the wordplay.
'drink' becomes 'sip' (sipping is a kind of drinking).
'around' means one lot of letters goes inside another.
'north' becomes 'n' (synonyms).
'sip' going around 'n' is 'SNIP'.
(Other definitions for snip that I've seen before include "Something cheap or easy to do" , "vasectomy?" , "Bargain (coll)" , "Cut with scissors in small strokes" , "Cut - price bargain" .)