The present invention is directed to a memory device including a magnetic memory element; a horizontal conductive line disposed above the magnetic memory element; a bottom electrode formed beneath the magnetic memory element and having a top, first and second sides that are opposite to each other; a first vertical conductive line formed adjacent to the first side of the bottom electrode with a first volatile switching layer and a first electrode layer interposed therebetween; and a second vertical conductive line formed adjacent to the second side of the bottom electrode with a second volatile switching layer and a second electrode layer interposed therebetween. The magnetic memory element is electrically connected to the horizontal conductive line at one end and to the bottom electrode at the other end.