A memory device that includes a first magnetic insulating tunnel barrier reference layer present on a first non-magnetic metal electrode, and a free magnetic metal layer present on the first magnetic insulating tunnel barrier reference layer. A second magnetic insulating tunnel barrier reference layer may be present on the free magnetic metal layer, and a second non-magnetic metal electrode may be present on the second magnetic insulating tunnel barrier. The first and second magnetic insulating tunnel barrier reference layers are arranged so that their magnetizations are aligned to be anti-parallel.