Short answer
Yes. Cash at home, money in current and savings accounts, fixed deposits, payment apps and foreign currency are all zakatable. On your zakat date, add the balances to your other zakatable wealth, subtract debts that are due, and pay 2.5 percent if the total is at or above the nisab.
Paper money and bank balances take the ruling of gold and silver, so zakat at 2.5 percent is fard on them once your total reaches the silver nisab and a lunar year has passed. Interest earned is not your wealth: give all of it to the poor without hoping for reward, and do not count it as zakat.
The four schools agree on this.
Explanation
Money is the most common zakatable asset. Count the balance you actually hold on your zakat date in every place you keep it: cash at home, current and savings accounts, fixed-term deposits, payment apps and wallets, and foreign currency converted at the day's rate. It does not matter what you are saving it for. Money put aside for hajj, a wedding or a house deposit is zakatable until you spend it.
You do not need to track every withdrawal during the year. In the Hanafi school you look at what you hold on the day, add your gold, silver, shares and business stock, subtract debts that are due now, and compare the total with the nisab. In a joint account, each person pays on their own share.
Interest (riba) is a separate matter. Any interest credited to your account does not belong to you in the eyes of the Sharia. Leave it out of your zakat sum and give all of it away to the poor, with the intention of getting rid of it rather than of earning reward. It cannot be used to pay your zakat. See what riba is.
Some money needs its own rules: retirement accounts you cannot reach without penalty (see zakat on 401k and pensions), and money you have lent to others (see zakat on money owed to you). Contemporary scholars of all four schools agree that cash and bank balances are zakatable like gold and silver.
The evidence
Quran, Surah At-Tawba 9:34
۞ يَٰٓأَيُّهَا ٱلَّذِينَ ءَامَنُوٓا۟ إِنَّ كَثِيرًۭا مِّنَ ٱلْأَحْبَارِ وَٱلرُّهْبَانِ لَيَأْكُلُونَ أَمْوَٰلَ ٱلنَّاسِ بِٱلْبَٰطِلِ وَيَصُدُّونَ عَن سَبِيلِ ٱللَّهِ ۗ وَٱلَّذِينَ يَكْنِزُونَ ٱلذَّهَبَ وَٱلْفِضَّةَ وَلَا يُنفِقُونَهَا فِى سَبِيلِ ٱللَّهِ فَبَشِّرْهُم بِعَذَابٍ أَلِيمٍۢ ﴿٣٤﴾
O you who have believed, indeed many of the scholars and the monks devour the wealth of people unjustly and avert [them] from the way of Allah. And those who hoard gold and silver and spend it not in the way of Allah - give them tidings of a painful punishment.
Hoarded money on which Allah's right is not paid is condemned; cash today takes the place of gold and silver coins.
Sahih al-Bukhari 1454
Sahih... وفي الرقة ربع العشر فإن لم تكن إلا تسعين ومائة ...
"And on silver coins, a quarter of a tenth."
Zakat on coined money is 2.5 percent, and paper money takes its ruling.
Sahih al-Bukhari 1403
Sahih... من آتاه الله مالا فلم يؤد زكاته ...
"Whoever Allah gives wealth and does not pay its zakat, his wealth will be made into a bald serpent for him on the Day of Resurrection."
A warning about any wealth whose zakat is withheld.
Where the ruling is recorded
- Fiqhi Maqalat, Mufti Taqi Usmani's paper on currency notes and their rulings. Paper money takes the ruling of gold and silver for zakat.
- Radd al-Muhtar, Kitab al-Zakat, chapter on the zakat of wealth. Coins and their substitutes are zakated at a quarter of a tenth.
This answer is pending review by the scholars on our team. Quran translation by Sahih International. Hadith Arabic from the standard editions of the six books and the Muwatta, with gradings as recorded there; the English is our own rendering. Spotted a mistake? Tell us.