A squeezed generalized amplitude damping (SGAD) channel is a quantum channel that models a general noise process incorporating the effects of bath squeezing, dissipation, and decoherence. In this paper, we analyze the dynamics of quantum entanglement and discord in the SGAD channel with memory. By obtaining a stochastic map defining this noisy quantum channel, we derive the concurrence and discord of Werner-like mixed states sent by successive uses of the channel. It is shown that these quantum correlations can be preserved or even generated depending on the initial channel input states, channel parameters, and the degree of channel memory. In particular, the squeezing effect does not contribute to the dynamics of quantum correlation for singlet-like states under correlated noise.