One embodiment of a magnetic random access memory includes a transistor formed on a substrate and having a gate width, a plurality of magnetoresistive elements disposed above the transistor and jointly electrically coupled to the transistor at their first terminals, a plurality of parallel conductive lines formed above magnetoresistive elements and independently electrically coupled to their second terminals. A magnetoresistive element includes, a pinned layer having a fixed magnetization direction, a free layer having a reversible magnetization direction, a tunnel barrier layer disposed between the free and pinned layers, and an element width that is substantially smaller than the gate width. The magnetization directions of the pinned and free layers are directed substantially perpendicular to the substrate. The magnetization direction of the free layer is reversed by a joint effect of a bias magnetic field and a spin-polarized current applied to the magnetoresistive element. Other embodiments are described and shown.