The magnetic cordless shade includes a header defined by a substantially elongated U-shaped channel. The top of the header includes attachment areas for attaching the header to a window frame. A pleated blind has one end attached to the underside of the header top, and when folded, the blind is housed inside the channel. The other end of the pleated blind is attached to a footer. A magnetic latching assembly is disposed between the header and the footer to keep the blind in a folded condition. Pulling a pull cord disposed on the footer releases the magnetic latching mechanism to thereby rapidly unfold the blind.