Edit: If you want costume word to text as above, type what you want, high light click Link (7th option from left), paste/type URL in pop up box hit ok.
This is the only way I've ever dont it, or because where I past the URL and then Link the same thing (some like to see the addy?)
If it is not working for you, go ask here in Site and Forum Feedback
You didn't do something silly, and like get the option to link out of zam removed from your account did you? Edited, Sep 4th 2013 6:50am by Sandinmygum