I use an external USB 3.0 drive - subjective feelings are it is very fast.
However, I think what you want to do does not make sense to me. Your internal HDD is faster than any USB drive, so use it to do your work. Use the external drive as a back up device to your HDD and setup a backup system.
It then does not matter if your HDD fails, it's only a matter of time anyway.


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