If you’re a fan of impact drivers like I am, you should consider one of these impact bit holders from Wera.
Wera 897/4 IMP Impaktor Stainless Steel Bit Holder with retaining ring and ring magnet, 1/4″
Wera’s Impaktor Bit Holder is designed to cushion extreme impulse peaks using a double-torsion zone. It’s made out of stainless steel and equipped with a ring magnet to easily hold longer and heavier screws.
Wera’s Impaktor technology ensures an above-average service life even under extreme conditions thanks to a best-possible utilization of the material properties and optimally designed geometry (two coupled torsion zones that perform successively).
Allows for quick one-handed bit exchange for both insert and power bits.
Bits are easily inserted with press-in and self-locking mechanism.
Free-spinning outer sleeve stabilizes power tool during screw driving.
Manufacturer Part #: 05057675002
German Tools | Knipex Tools | Wera Tools | Wiha Tools | Gedore Tools | Felo Tools | KC Tool 
This is a terrible bit holder!! Only buy it if you want your impact bit to get stocked to the point where you have to use a bench vise to pull it out. Good luck!