An embodiment includes a magnetic tunnel junction (MTJ) including a free magnetic layer, a fixed magnetic layer, and a tunnel barrier between the free and fixed layers; the tunnel barrier directly contacting a first side of the free layer; and an oxide layer directly contacting a second side of the free layer; wherein the tunnel barrier includes an oxide and has a first resistance-area (RA) product and the oxide layer has a second RA product that is lower than the first RA product. The MTJ may be included in a perpendicular spin torque transfer memory. The tunnel barrier and oxide layer form a memory having high stability with an RA product not substantively higher than a less stable memory having a MTJ with only a single oxide layer. Other embodiments are described herein.