rubber band

noun
a narrow, circular or oblong band of rubber, used for holding things together, as papers or a box and its lid.

Origin:
1890–95

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
rubber band
 
n
Also called: elastic band a continuous loop of thin rubber, used to hold papers, etc, together

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
For tender-stemmed blooms such as tulips and hyacinths, skip the rubber band
  and secure with floral tape only.
Stretch the rubber band over both the waxed paper and the plastic wrap.
Gather the paper around the balloon and secure it with a rubber band.
If you pop a rubber band around them, they'll hold their form fairly well.
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