These dual-purpose tools contain a permanent magnet that magnetizes and demagnetizes steel blades, tips, and shafts on screwdrivers and other tools. They have a slot for passing the tool blade through to add or remove the magnetic charge. A magnetized blade retrieves small metal parts and grips fasteners to assist with installation and removal. A demagnetized blade reduces the risk of interference in electronics applications and prevents metal shavings from sticking to tools.