Buy the Lidl, or Clarke, or Draper, or Siverline or Nu-Tool or various others for £40-£60, obviously you can buy better, but any of these will be better than a jig that holds a hand drill.
Pop a drill bit into the chuck on you new pillar drill, if the bit rotates like it is doing parabolic circles then get an exchange (unlikely).
As for accuracy, buy half decent drill bits and undersize your drill holes a tiny amount, then check drill hole diameter with vernier caliper or just measure with steel ruler.
You can learn to compensate for inaccuracy for different diameter desired drill hole diameters by upping drill bit diameters as necessary, and needle files can make that final required adjustment.