A coupled film magnetic memory element is disclosed which incorporates a field applying element which is disposed between a substrate and the lower of two orthogonally disposed conductors. In a preferred embodiment, a pair of closed easy axis (CEA) magnetic films are disposed about a bit conductor. These elements are disposed orthogonally relative to a word conductor and a field applying magnetic material which is disposed in underlying and coextensive relationships with the word line. A conductive substrate is disposed adjacent the field applying film and supports all the above described elements. In arrangements having fast pulse rise times, a pulse applied to the word line produces a high field in the field applying film such that for a given amount flux to be made available for switching a storage film, a substantially smaller word current is required. In addition, because the bit line is spaced further from the substrate, it presents a high impedance and consequently provides a higher sense voltage at the input of a sense amplifier.