Basically yes is the answer, the important thing is to get a good quality drive. Seagate is a sort of middle of the road make, in fact some say poor, however it is up to you which make you buy.
The next question has to be how do you intend putting the content of the existing drive on to the new drive?
Considering the original is a 1TB and nearly full, where are you going to put it all to then transfer it to the new and bigger drive? You have only one case and no doubt no room on the computer!
Once you have thought about that it might actually be a better idea to buy a complete new other external drive so you have two, rather than the work of shifting stuff off the old, to somewhere else so it can then be put on to the new and bigger drive.