The present invention is directed to a memory cell that includes a magnetic tunnel junction (MTJ) memory element and a two-terminal selector element coupled in series. The MTJ memory element includes a magnetic free layer structure and a magnetic reference layer structure with an insulating tunnel junction layer interposed therebetween. The magnetic reference layer structure includes one or more magnetic reference layers having a first invariable magnetization direction substantially perpendicular to layer planes thereof. The two-terminal selector element includes a first inert electrode and a second inert electrode with a volatile switching layer interposed therebetween; a first active electrode formed adjacent to the first inert electrode; and a second active electrode formed adjacent to the second inert electrode. The volatile switching layer includes a plurality of metal-rich particles or clusters embedded in a matrix or at least one conductor layer interleaved with insulating layers.