A flash memory cell in the form of a transistor capable of storing multi-bit binary data is disclosed. A pair of floating gates are provided beneath a control gate. The control gate is connected to a word line while active doped regions (source and drain regions) are connected to respective digit lines. The floating gates are separately charged and read out by controlling voltages applied to the word line and digit lines. The read out charges are decoded into a multi-bit binary value. One or both of the floating gates has a side insulator which connects through a conductor to an associated active doped region thereby forming a capacitor across the side insulator between the floating gate. This capacitor and active region facilitates operation of the transistor as a flash memory cell. Methods of fabricating the memory cell and operating it are also disclosed.