Recruit High School graduates, and if the referring member is a teacher, give the recruiting bonus to the teacher's classroom. Schools benefit, especially if there is a financial literacy class to go along with opening an account
I think "paying" a teacher by having them recruit students is a conflict of interest. I teach them to compare financial institutions and let them make their own decisions. This year I was shocked that several of my students clearly found a credit union to be the best decision, but then still chose to join the family bank because that's where their parents have always taken them. It's their choice. At least they have been exposed to the differences and they might change when they move on in life.
I agree with Mathleen. While it's a great idea to get kids started on a bank account (my parents started me an Early Saver account when I was a baby), I don't think we should pay them to do so.
Thanks @Moremorels for sharing your idea and to those who chimed in. We love our referral program and are proud of the work we do with our school and classroom partners. We don't have plans to pursue this idea further. Cheers, KristinA