ING Direct made its entry into the Australian superannuation market yesterday, with the launch of a fund that claims to be the first with no fees on its balanced portfolio option.The balanced option has an unusual asset allocation, as about 50 per cent of the portfolio will be held in cash, which will be managed by ING Direct.The other portfolio option that comes with no fees is one made up entirely of cash and term deposits - also managed by ING Direct.The fund's other options - a range of managed investments and share trading - come with fees.ING Direct is providing fund members with a significant incentive to select the cash or balanced options.Over the past few years, banks have tried to tap the superannuation market for deposits. Last month, AMP's banking division reported that cash account and term deposit inflows from super funds were A$804 million during the six months to June, compared with non-super retail deposit inflows of $626 million.AMP Bank has put its cash accounts and term deposits on several super-fund platforms over the past year and this contributed to overall deposit growth of 20 per cent in the June half.And, over the past year, ANZ has put a range of term deposits on the investment platforms of its wealth management arm, OnePath. In addition, one of the country's biggest superannuation funds, Australian Super, has put National Australia Bank and ME Bank term-deposits on its investment menu. And now Commonwealth Bank has launched a hybrid term deposit on Colonial's First Choice platform. The investment matures in 2017 and has a rate that is re-set as the Reserve Bank changes rates, paying one per cent above the cash rate. Westpac has a range of products that it calls Retirement Deposits. One of the products in this suite, Coupon Select, allows investors to pick terms out to 10 years or to pick fixed or floating rates, or a combination of the two, so they can switch from floating to fixed rates and opt for a return of capital with the interest payments if they choose.Another Westpac product, CPI Plus, offers a fixed base rate and the annual rate of inflation on top of that.