From Longman Dictionary of Contemporary Englishelastic bandeˌlastic ˈband noun [countable] 
British EnglishD a thin circular piece of rubber used for fastening things together SYN rubber band
British EnglishD a thin circular piece of rubber used for fastening things together SYN rubber bandExamples from the Corpus
elastic band• He pulled it farther open and saw that a bunch of quill pens in an elastic band had been moved.• Then he starts to loop his hair into an elastic band first thing every morning.• A leather ring fitted over each shoulder, with an elastic band stretched between them across my back.• Then flick the elastic band a couple of times.• She seemed harassed and shop-worn, her greying hair tied up in a bun with a twisted elastic band. 