Provided are multifunctional folding knives for quick access to the blade and conveniently tool-securing accessory thereto. The knife comprises a blade and a handle pivotally connected to the blade. A cutout is disposed on a spine of the blade. Two or more holes are disposed in opposite relation around the cutout. A tool-securing accessory is removably secured on a spine of the blade. The tool-securing accessory comprises a base plate. A magnet is disposed in the base plate. A flange is disposed along a distal edge of an upper surface of the base plate and forming a concave opening. A semi-collar comprising a pair of arms is pivotally secured on the flange configured to switch between a locked position and an unlocked position. Two or more posts are perpendicularly disposed on the base plate to removably engage the two or more holes on the spine of the blade.