Does this suit my needs?

That will be fine -

I'm sure there will be some others along who will say don't buy Seagate, but never had an issues - drives from all manufacturers can and will fail, so just buy on price.
 
It would do what you're after but it does only come with 1 year warranty being an oem drive.

I'm personally not a huge fan of seagate drives (I have a 1.5TB one) compared with my preferred hitachi (HGST) or western digital they seem to cause a lot more vibration through my case.
 
I'd pick that one over the seagate.

You have checked hukd for deals too, there's some external hard drives on there which might be an alternative option.
 
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