Understanding low-intelligibility speech is effortful. In three experiments, we examined the effects of intelligibility on working memory (WM) demands imposed by perception of synthetic speech. In all three experiments, a primary speeded word recognition task was paired with a secondary WM-load task designed to vary the availability of WM capacity during speech perception. Speech intelligibility was varied either by training listeners to use available acoustic cues in a more diagnostic manner (as in Experiment 1) or by providing listeners with more informative acoustic cues (i.e., better speech quality, as in Experiments 2 and 3). In the first experiment, training significantly improved intelligibility and recognition speed; increasing WM load significantly slowed recognition. A significant interaction between training and load indicated that the benefit of training on recognition speed was observed only under low memory load. In subsequent experiments, listeners received no training; intelligibility was manipulated by changing synthesizers. Improving intelligibility without training improved recognition accuracy, and increasing memory load still decreased it, but more intelligible speech did not produce more efficient use of available WM capacity. This suggests that perceptual learning modifies the way available capacity is used, perhaps by increasing the use of more phonetically informative features and/or by decreasing use of less informative ones.