A dual spin filter that minimizes spin-transfer magnetization switching current (Jc) while achieving a high dR/R in STT-RAM devices is disclosed. The bottom spin valve has a MgO tunnel barrier layer formed with a natural oxidation process to achieve low RA, a CoFe/Ru/CoFeB—CoFe pinned layer, and a CoFeB/FeSiO/CoFeB composite free layer with a middle nanocurrent channel (NCC) layer to minimize Jc0. The NCC layer may have be a composite wherein conductive M(Si) grains are magnetically coupled with adjacent ferromagnetic layers and are formed in an oxide, nitride, or oxynitride insulator matrix. The upper spin valve has a Cu spacer to lower the free layer damping constant. A high annealing temperature of 360° C. is used to increase the MR ratio above 100%. A Jc0 of less than 1×106 A/cm2 is expected based on quasistatic measurements of a MTJ with a similar MgO tunnel barrier and composite free layer.