Disclosed is a flash EEPROM cell needing only a 5 volt external source using an on-chip voltage multiplier circuit to provide high voltages necessary to effect Fowler-Nordheim tunneling during both the program and erase modes. Properties of dielectric layers between a floating gate and a control gate and between the floating gate and a drain region differ to facilitate programming and erasing of the floating gate. Also disclosed is a method for producing a flash EEPROM cell by forming the insulative layer between a floating gate and a control gate to have a capacitance lower than the capacitance of the insulating layer between the floating gate and a drain region.