A magnetoresistive memory array including a plurality of magnetoresistive memory elements wherein each magnetoresistive memory element comprises a free layer including at least one ferromagnetic layer having perpendicular magnetic anisotropy, a fixed layer, and a tunnel barrier, disposed between and in contact with the free and fixed layers. The tunnel barrier includes a first metal-oxide layer, having a thickness between 1 and 10 Angstroms, a second metal-oxide layer, having a thickness between 3 and 6 Angstroms, disposed on the first metal-oxide layer, and a third metal-oxide layer, having a thickness between 3 and 6 Angstroms, disposed over the second metal-oxide layer. In one embodiment, the third metal-oxide layer is in contact with the free layer or fixed layer. The tunnel barrier may also include a fourth metal-oxide layer, having a thickness between 1 and 10 Angstroms, disposed between the second and third metal-oxide layers.