The present invention is directed to an STT-MRAM device comprising a plurality of memory elements. Each of the memory elements includes an MTJ structure in between a seed layer and a cap layer. The MTJ structure includes a magnetic free layer structure and a magnetic reference layer structure with an insulating tunnel junction layer interposed therebetween; and a magnetic fixed layer separated from the magnetic reference layer structure by an anti-ferromagnetic coupling layer. The magnetic reference layer structure includes a first magnetic reference layer formed adjacent to the insulating tunnel junction layer and a second magnetic reference layer separated from the first magnetic reference layer by an intermediate magnetic reference layer. The first, second, and intermediate magnetic reference layers have a first invariable magnetization direction substantially perpendicular to layer planes thereof. The magnetic fixed layer has a second invariable magnetization direction that is opposite to the first invariable magnetization direction.