Dual-type tunneling magnetoresistance (TMR) elements and associated methods of fabrication are disclosed that allow for higher bias voltages. In one embodiment, the dual-type TMR element includes a lower pinned layer structure, a lower tunnel barrier layer, a ferromagnetic free layer structure, an upper tunnel barrier layer, and an upper pinned layer structure. The lower pinned layer structure has a first Fermi level, while the upper pinned layer structure has a second Fermi level that is different than the first Fermi level of the lower pinned layer structure. By having different Fermi levels, the bias voltage induced in the TMR element may advantageously be increased without a significant reduction in TMR.