TigerDirect offers the Western Digital 2TB Elements USB 3.0 External Hard Drive, model no. WDBU6Y0020BBK-NESN, for $119.99. Coupon code "OHE130783" cuts it to $89.99. With free shipping, that's the lowest total price we could find by $9, although we saw it a buck cheaper in May. It features a data transfer rate of 5Gbps and backwards compatibility with USB 2.0. Deal ends June 5.
There's a less expensive way, and then there's the way that works for you. The two may not be the same.