Spin-transfer torque memory having a compensation element is disclosed. A spin-transfer torque memory unit includes a free magnetic layer having a magnetic easy axis and a magnetization orientation that can change direction due to spin-torque transfer when a write current passes through the spin-transfer torque memory unit; a reference magnetic element having a magnetization orientation that is pinned in a reference direction; an electrically insulating and non-magnetic tunneling barrier layer separating the free magnetic layer from the magnetic reference element; and a compensation element adjacent to the free magnetic layer. The compensation element applies a bias field on the magnetization orientation of the free magnetic layer. The bias field is formed of a first vector component parallel to the easy axis of the free magnetic layer and a second vector component orthogonal to the easy axis of the free magnetic layer. The bias field reduces a write current magnitude required to switch the direction of the magnetization orientation of the free magnetic layer.