An initialization process is disclosed for a perpendicular magnetic tunnel junction (p-MTJ) wherein the switching error rate is reduced from a typical range of 30-100 ppm to less than 10 ppm. In one embodiment, an in-plane magnetic field is applied after a final anneal step is performed during memory device fabrication such that all magnetizations in the free layer, and AP1 and AP2 pinned layers are temporarily aligned "in-plane". After the applied field is removed, interfacial perpendicular magnetic anisotropy (PMA) at a tunnel barrier/API interface induces a single AP1 magnetic domain with a magnetization in a first vertical direction. Interfacial PMA at a FL/tunnel barrier interface affords a single FL domain with magnetization in the first direction or opposite thereto. AP2 magnetization is opposite to the first direction as a result of antiferromagnetic coupling with the AP1 layer. Alternatively, a perpendicular- to-plane magnetic field may be applied for initialization.