The present invention is directed to a magnetic memory element including a magnetic free layer structure incorporating three magnetic free layers separated by two perpendicular enhancement layers (PELs) and having a variable magnetization direction substantially perpendicular to layer planes thereof; an insulating tunnel junction layer formed adjacent to the magnetic free layer structure; a first magnetic reference layer formed adjacent to the insulating tunnel junction layer opposite the magnetic free layer structure; a second magnetic reference layer separated from the first magnetic reference layer by a third perpendicular enhancement layer; an anti-ferromagnetic coupling layer formed adjacent to the second magnetic reference layer; and a magnetic fixed layer formed adjacent to the anti-ferromagnetic coupling layer. The first and second 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 substantially opposite to the first invariable magnetization direction.