A magnetoresistive memory element has a free layer, and a write current path aligned with a free layer plane. The memory element has a pinned layer with a magnetization direction aligned with that of the free layer. A barrier layer is disposed between the free layer and the pinned layer. The free, barrier and pinned layers together form a layer stack that has a read current path that extends through the layer stack and that is not aligned with the write current path in the free layer.