When given challenging episodic memory tasks, young adults demonstrate notable individual differences in performance. Recent evidence suggests that individual differences in human behavior may be related to the strength of functional connectivity of large-scale functional networks as measured by spontaneous fluctuations in regional brain activity during quiet wakefulness (the "resting state"), in the absence of task performance. In this study, we sought to determine whether individual differences in memory performance could be predicted by the interhemispheric functional connectivity of the two hippocampi, hypothesized to reflect the intrinsic connectivity within the large-scale medial temporal lobe memory system. Results demonstrated that interhemispheric hippocampal functional connectivity during quiet wakefulness was predictive of the capacity to freely recall recently learned information (r = 0.47, P < 0.05). In contrast, functional connectivity of bilateral motor cortices had no relationship to free recall, supporting the specificity of the hippocampal data. Thus, individual differences in the capacity to perform episodic memory tasks, which may be persistent behavioral traits or transient states, may be at least partly subserved by individual differences in the functional connectivity of large-scale functional-anatomic memory networks.