A wrenchless collet for attaching a surgical saw blade to an oscillating handpiece. The collet is provided within a housing attached to the handpiece and contains a clamping means for holding the blade and a bi-stable operating mechanism capable of holding the clamping means in either an open position to receive the blade or in a closed position to hold the blade for use with the handpiece. The bi-stable operating mechanism is activated into either position by simply being pushed in one direction or another. In one embodiment, the bi-stable operating mechanism comprises a shaft which may be positioned to one axial extreme or the other and which is held in the chosen position by a spring which frictionally engages the collet housing to maintain the clamping means in either an open or closed position.