Magnetic spin-torque memory cells, often referred to as magnetic tunnel junction cells, which have magnetic anisotropies (i.e., magnetization orientation at zero field and zero current) of the associated ferromagnetic layers aligned perpendicular to the wafer plane, or "out-of-plane". A memory cell may have a ferromagnetic free layer, a first pinned reference layer and a second pinned reference layer, each having a magnetic anisotropy perpendicular to the substrate. The free layer has a magnetization orientation perpendicular to the substrate that is switchable by spin torque from a first orientation to an opposite second orientation.