A magnetic sink accessory system for use with a sink having interior and exterior surfaces. The magnetic sink accessory system includes a ferromagnetic accessory belt configured to be disposed at least partially surrounding the exterior surface of the sink. The accessory belt includes an elongate flexible band and a plurality of ferritic metal pieces disposed in spaced relation along at least a portion of the flexible band so as to allow for the accessory belt to conform to contours of the exterior surface of the sink. The system includes a magnetic accessory attachment device including a body and a magnet disposed within the body such that when the body is placed near the interior surface of the sink in the vicinity of the ferromagnetic accessory belt, the magnet draws the body against the interior surface of the sink due to a magnetic attraction between the magnet and the accessory belt.