If your annual savings are below the current nisab value, then you are exempt from paying zakat in that current lunar year. However, if your net income or savings exceed the current nisab value, you are obligated to give zakat. Nisab value is calculated based on the present day value of real gold (3oz). Determining if you owe zakat is not only based on current monetary wealth, but also by calculating personal values such as silver and gold, as well as other sources of income, profits, investments, and shares. Determining the amount owed in zakat is based on 2.5% of any net value of wealth possessed above the current nisab value. It also has to have been maintained for one full lunar year prior to zakat being due.
Learn more about Zakat, here.