A latch with dual rotary magnets is disclosed. The latch is particularly suited for releasably securing dual doors of a compartment in the closed position. Each rotary magnet holds in a closed position a magnetic insert attached to a respective door by magnetic attraction to secure both doors in the closed position relative to the compartment. Mechanical hook-like rotary pawls supplement the action of the magnets. In addition, the latch is provided with a safety feature that prevents the latch from opening in the event that the vehicle in which the latch is installed is involved in a collision.