An MRAM cell is formed in two separate portions. A first portion, that includes a pinned layer, a tunneling barrier layer and first free layer part, is used to read the value of a stored bit of information. A second portion includes a second free layer part on which information is written and stored. The second free layer part is formed with a high aspect ratio cross-section that renders it strongly magnetically anisotropic and enables it to couple to the relatively isotropic first free layer through a magnetostatic interaction. This interaction aligns the magnetization of the first free layer part in an opposite direction to the magnetization of the second free layer part. The magnetic orientation of the first free layer part relative to that of its adjacent pinned layer determines the resistance state of the first cell portion and this resistance state can be read by passing a current through the first cell portion. Thus, in effect, the first cell portion becomes a remote sensing device for the magnetization orientation of the second free layer part.