Yes, it's a normal bank account, but when opening an account they tell you it's not a transactional bank but rather a bank for keeping your money and investment there. So if you give them some money in fees and transfer to IBKR they will be happy.
But in my opinion it's safer to keep your assets and investments in a bank in the cook islands than on IBKR specially if he has creditors going after him.
Their correspondent bank is OCBC