A live bait well has a body member formed from closed cell foam neoprene and has a generally U-shaped clip that extends upwardly from an upper edge of the body member, proximate the back, wherein the clip is used to attach the device to the waistband of a user's pants. A liner is removably disposed within an interior space of the body member to help protect the interior of the body member. The body member is formed from two similar sections that are joined together at inwardly directed side edges of each section so as to form a stiffening rib that runs between the first side and the opposing second side along the closed bottom. The open top of the body member is closed using a magnetic closure system.
