OP:
I second Weaselboy's recommendation above.
The Samsung t5 is perhaps the best "external USB3 SSD" out there right now.
It may cost a little more (not a lot), but I'd pay a little extra for it.
A "fact of Mac life"
that few Mac users actually understand:
You can boot and run a Mac from ANY drive, internal or external, that has a good copy of the OS on it.
If the external drive is significantly faster than the internal drive, the Mac will then run much faster!
The 256gb drive would do fine for most folks (if properly set up).
Don't buy the 500gb version unless you really want (and can afford) it. It's not absolutely necessary to have this extra capacity.
You would then set up the SSD as Weaselboy suggests:
- put the OS on it (of course)
- put your apps on it
- put your account(s) on it
- you could probably keep your "active music project" on it as well.
BUT -- keep your "large libraries" of stuff (such as music, movies, pictures) on the internal drive. These libraries will work as well on the platter-based HDD as they would on the SSD.
You will now have TWO drive icons on the desktop:
- Your external SSD boot drive
- Your internal hard drive
Don't be concerned about this in any way --
managing more than one drive is a trivial matter on the Mac.
It's your Mac, and you will soon remember where things are supposed to go.
In fact, I would suggest that after you have the external boot SSD configured that you PARTITION the internal drive. Create a "second boot partition" of, say 200gb in size. Then, use either CarbonCopyCloner or SuperDuper to clone the contents of your SSD back to the internal drive. Once you do this, you will have an IMMEDIATELY-ACCESSIBLE "second boot source" if needed.
Use the remaining partition of the internal drive for the large libraries mentioned above, and you can also create "archival folders" for your COMPLETED music projects (so they don't "clog up" the SSD).
SPECIAL NOTE about buying an external SSD:
The drive may come already formatted, but the formatting will almost certainly be "for windows".
You don't want that.
BEFORE you begin to set it up, you need to connect the drive to your iMac, then open Disk Utility and re-initialize it (erase it) to HFS+ with journaling enabled (use the GUID partition map).
More tips:
IF you have not used too much of your existing internal drive space yet, you could also download CarbonCopyCloner from here:
http://www.bombich.com/download.html
CCC is FREE to download and use for 30 days.
Then, you can use CCC to "clone" the contents of the internal HDD to the SSD.
But this depends on how much space you have already used up on the internal drive.
This may look like a lot of info to absorb, but it's not really that "confusing" once you try it.
Another tip:
Use a piece of velcro to attach the SSD to the back of the iMac's stand.
It will then be safely up out-of-the-way and out-of-sight.
It will become "a part of the iMac".
And the iMac will run better than you've ever seen it run before!