An insulated glass assembly has internal blinds that are magnetically operated, balanced and can be locked in in place and a front and rear pane of glass having an internal blind assembly therebetween. The internal blind assembly includes first and second pull cords mounted to an upper end of an internal magnetic operator disposed within a side rail which directs the pull cords upward to a fixed connector. The internal magnetic operator is connected to a chain of weights which provide a counterweight for the internal blinds. The internal magnetic operator further has a first plurality of magnets which are disposed in a magnet receiving cavity extending through the internal magnetic operator. A back plate is disposed against the plurality of magnets in the internal magnetic operator. A spring exerting a bias force on the backplate to normally press the backplate away from a rear surface of the internal magnetic operator such that the spring engages the side rail and locks the internal magnetic operator in place.