Third party hardware company Nyko has announced a new peripheral for the PS4, and this will allow you to expand the console’s internal storage. Dubbed the Data Bank this piece of kit lets you put a 3.5 inch hard drive into it, any size of your choosing with the latest drives managing to hold 6TB of data, and then plug that into the console itself. The device is really more of a 3.5 inch drive housing, designed to replace the removable glossy plastic section of the PS4’s case, which then has a connector that attaches to the SATA port which ordinarily connects to a 2.5 inch drive.
It’s a rather genius idea that can save time when expanding the consoles 500GB capacity, as it allows you to reach far beyond the current storage limitations of that form factor. The device is expected to release in the first half of this year, but a price is yet to be confirmed. While the PS4 does allow external hard drives to be connected to it Sony have so far taken the decision to not allow save data to be transferred to them, which is a bizarre decision that makes it difficult to create back ups of saves. Of course there is cloud storage for saves but the added security of another drive is welcome too.
EDIT: A belated edit for clarity. This replaces your internal 2.5 inch drive, and so is to all intents and purposes an internal drive. Apologies for any confusion.