A memory element for a magnetic RAM, contained in a recess of an insulating layer, the recess including a portion with slanted sides extending down to the bottom of the recess, the memory element including a first magnetic layer portion substantially conformally covering the bottom of the recess and the recess portion with slanted sides and in contact, at the level of the bottom of the recess, with a conductive portion, a non-magnetic layer portion substantially conformally covering the first magnetic layer portion and a second magnetic layer portion covering the non-magnetic layer portion.