Working memory (WM) is one of the key constructs in understanding higher-level cognition. We examined whether patterns of activity in the resting state of individual subjects are correlated with their off-line working and short-term memory capabilities. Participants completed a resting-state fMRI scan and off-line working and short-term memory (STM) tests with both verbal and visual materials. We calculated fractional amplitude of low frequency fluctuations (fALFF) from the resting state data, and also computed connectivity between seeds placed in frontal and parietal lobes. Correlating fALFF values with behavioral measures showed that the fALFF values in a widespread fronto-parietal network during rest were positively correlated with a combined memory measure. In addition, STM showed a significant correlation with fALFF within the right angular gyrus and left middle occipital gyrus, whereas WM was correlated with fALFF values within the right IPS and left dorsomedial cerebellar cortex. Furthermore, verbal and visuospatial memory capacities were associated with dissociable patterns of low-frequency fluctuations. Seed-based connectivity showed correlations with the verbal WM measure in the left hemisphere, and with the visual WM measure in the right hemisphere. These findings contribute to our understanding of how differences in spontaneous low-frequency fluctuations at rest are correlated with differences in cognitive performance.