A magnetic fastener (10) for fastening a first flap (12) of material to a second flap (14) of material. A magnet (26) is attached to one of the flaps (12, 14) while a magnetic element (28) is attached to the other flap (14, 12). The natural magnetic attraction between the magnet (26) and the magnetic element (28) keeps the flaps (12, 14) fastened together. A handle (30), preferably embodied as a button (32), is attached to the first flap (12) and interconnected to either the magnet (26) or the magnetic element (28) for allowing the magnetic fastener (10) to be easily opened and closed.