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I'm sure there are places that you can send your hard drive to for confidential recycling. Although I don't know if a fridge magnet will be strong enough to destroy any of the data. If you are really sensitive to the data on the HDD the only sure way to make sure no one can get the data is to actually damage the discs.

If you have business stuff on there, I would suggest getting the HDD sent to a secure facility that destroys them as this is the most legal way to deal with sensitive data on a HDD.