Including urls/links in a Text data type collection field

I want to set up the content manager for certain text content that my backoffice role people can edit. There are instances where they need to include a hypertext link in the middle of the text to an external site. As far as I can tell text field types can only contain text and are styled by the element template - there is no HTML interpretation.

Is there a way to allow backoffice folks to create textual content with simple links and maybe bolding ( for example) but still use the content manager? Maybe create a page element with Corvid that uses the content manager API and interprets things? Seems like reinventing the wheel. Hoping there is a standard way to do this or someone has done it in Corvid who can share.

Set a rich text field

Duh. Thanks.