A magnetic holder for a funnel or other tool has a tapered, cylindrical shaft. One or more arms extend from the shaft, with a magnets secured to the ends of the arms. The shaft has a wider opening on one end, and a narrower opening on the other end. The funnel or tool may be inserted into the wider opening, while the narrower opening may optionally be capped. The shaft may have interior ribs. The holder, except for the magnets, may be formed of a molded polymer. In use, the magnetic holder may be magnetically attached to a planar surface.