A magnetic tunnel junction, comprising a reference layer having a fixed magnetization direction, a first storage layer having a magnetization direction that is adjustable relative to the magnetization direction of the reference layer by passing a write current through said magnetic tunnel junction, and an insulating layer disposed between said reference layer and first storage layer; characterized in that the magnetic tunnel junction further comprises a polarizing device to polarize the spins of the write current oriented perpendicular with the magnetization direction of the reference layer; and wherein said first storage layer has a damping constant above 0.02. A magnetic memory device formed by assembling an array of the magnetic tunnel junction can be fabricated resulting in lower power consumption.