The alternative is 3 in one oil but it is messy and will not play pretty with electrical thingies!
WD 40 is much kinder to your skin, less messy and once dry will not make your drill go bang next time you use it.
That said if storing spanners etc long term wrapping in an oil soaked rag will keep them perfectly, I remember tools used to come wrapped in a kind of oily brown paper to protect from rust.
I save those little bags of silica gel that come packed with things and pop them in the toolbox or drawer to remove damp.
Ha! I do exactly the same thing... Particularly for my drill bit sets!
That's why I hate rain and a longish walk from the van... Your tool bags get wet and tools seem to rust before your eyes! Always have a towel handy (which plumbers should have) to drape over your tote bag(s) on the way to and from the van
I use a 70/30 mix of veg oil & acetone (nail varnish remover) everywhere I used to use WD40 (when it was affordable).
It has proven to be superior in everyway ! With the added bonus that it doesn't dry off to form a gooey mess & it actually 'works' as a penetrating oil.
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