Today Microsoft announced that USB 3.1 storage drives should have no issue that you are using with your current XBox One systems. They will also work with the Series X/S systems and take advantage of the Xbox Velocity Architecture.
Seagate revealed they have a 1TB Expansion Card dedicated and formatted just for the XBox Series X and S consoles. It will play games optimized for the Series X/S and slated to give better performance than any of your usual USB 3.1 storage drives. Only thing is… its $219.99. For next gen storage performace you have to decide if that’s worth the price of admission or still rock out with your current hard drives or just get more space for that amount of money.
Read more about Xbox Series X/S expansion on Xbox Wire.