Crossword Genius

School returning suit — is there money in it? (8)

Ross

I believe the answer is:

notecase

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'there money in it?' is the definition.
I can't judge whether this defines the answer.

'school returning suit' is the wordplay.
'school' becomes 'eton' (famous UK public school).
'returning' says the letters should be written backwards.
'suit' becomes 'case' (synonyms).
'eton' reversed gives 'note'.
'note'+'case'='NOTECASE'

'is' acts as a link.

Can you help me to learn more?

(Other definitions for notecase that I've seen before include "carrier of cash" , "Wallet for folding money" , "used to carry money" , "Container for paper money" , "Wallet for paper money" .)

I've seen this clue in The Times.
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