A programmable magnetoresistive memory cell. The memory cell has a magnetic element that includes a first and a second ferromagnetic layer. The first and second ferromagnetic layers are separated by a non-ferromagnetic and preferably electrically insulating spacer layer. The data bit is read out by measuring the electrical resistance across the magnetic element. The memory cell further includes: a third ferromagnetic layer having a well-defined magnetization direction and a resistance switching material having a carrier density. The carrier density can be altered by causing an ion concentration to become altered by means of an applied electrical voltage signal. Thus, the carrier density can be switched between a first and second state.