A magnetic latching actuator operable to control the movement of at least a first contact and second contact between a closed position in which the contacts physically engage each other and an open position in which the contacts are spaced from each other. The magnetic latching actuator includes first and second stationary permanent magnets oriented such that the first magnetic field created by the first magnet and the second magnetic field created by the second magnet are in opposite directions. An actuation coil surrounds both the first and second magnets. Current is supplied to the actuation coil in a first direction to create a first magnetic field or a second direction to create a second actuation magnetic field opposite the first actuation magnetic field. A yoke is movable relative to the first and second magnets to cause the first and second contacts to move between the open and closed positions.