A CPP MTJ MRAM element utilizes transfer of spin angular momentum as a mechanism for changing the magnetic moment direction of a free layer. The device includes a tunneling barrier layer of MgO and a non-magnetic CPP layer of Cu or Cr and utilizes a novel free layer comprising a thin layer of Ta or Hf sandwiched by layers of CoFeB. The device is characterized by values of DR/R between approximately 95% and 105%.