adobe photoshop - How to create a transparent clipping mask?

I want to create an image that has the text as transparent like this (imagining that black is transparent)

So in photoshop I have tried selecting 'color range' and choosing the white and then getting the inverse selection and deleting it from a new white layer. But this comes out very pixelated like this (I have put a black layer underneath to show through the transparence):

How can I do this without the pixelated edges? The ideal situation here would be if there was a 'transparent clipping mask'

Answer

Here's one (of the many) ways you could do this:

1. In the Channels panel (next to the Layers panel by default) at the bottom click the dotted circle ('Load channel as selection')


2. Then click back to Layers and click the 'Add layer mask' button at the bottom

By doing this I got: (with an image layer underneath)

EDIT:

If the text layer is a vector layer, you can also put the image you want to use on top of the text layer, then hold the Alt key and click on the line that separates the layers:

That method allows the text to be edited and the overlay will update dynamically.