A tool is provided for slidably receiving, magnetically holding, and mechanically engaging fasteners, tool bits, and nuts. The tool comprises one or more magnetic annuluses in stacked relation to each other. The tool defines an inner periphery that matches the shape of the fastener, bit, or nut. The tool further comprises an outer periphery adapted to be grasped by a hand or a tool so that a mechanical torque applied to the outer periphery of the annulus, which results in a mechanical torque applied to the fastener, bit, or nut.