The present invention provides a device that improves the performance of MRAM by eliminating the requirement for external fields or STT during the write operation. This is accomplished by a special design of the magnetic storage tri-layer of the memory element, in which the three magnetic layers have different magnetic ordering temperatures, whereas the middle layer has lowest ordering temperature, whereas further the two outer layers have different ordering temperatures. The outer layers have different magnetic anisotropy such that one outer layer switches in a lower field than the other outer layer. Upon heating the sandwich from the base operating temperature, typically room temperature, the storage layer switches under a combined action of the intrinsic exchange and dipole fields controlled by the thermal effect of a two-step current pulse trough the device. The read out of the magnetization direction of the storage tri-layer is achieved by the conventional means of magneto-resistive sensing, which utilizes a nonmagnetic spacer and a magnetic reference layer in series with the storage layer.