A seed layer stack with a smooth top surface having a peak to peak film thickness variation of about 0.5 nm is formed by sputter depositing a second seed layer on a first seed layer that is Mg, MgN, or an alloy thereof where the second seed layer has a bond energy substantially greater than that of the first seed layer. The second seed layer may be Ta or NiCr. In some embodiments, an uppermost seed layer that is one or both of Ru and Cu is deposited on the second seed layer. Higher coercivity (Hc) and perpendicular magnetic anisotropy (Hk) is observed in an overlying ferromagnetic layer than when a prior art seed layer stack is employed. The first seed layer has a thickness from 2 to 20 Angstroms and has a resputtering rate about 2 to 40 times that of the second seed layer.