The early church valued baptism deeply, but the Bible — and the earliest fathers — never taught that water itself saves.
Shepherd of Hermas (bet. c. 90-140) and Epistle of Barnabas (bet. 70-132) on Baptismal Regeneration
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And I said, I heard, sir, some teachers maintain that there is no other repentance than that which takes place, when we descended into the water and received remission of our former sins. He said to me, That was sound doctrine which you heard; for that is really the case. (Book II, Commandment 4, ch. 3)
Epistle of Barnabas (bet. 70-132) taught that baptism “leads to the remission of sins” and that we “descend into the water full of sins and defilement, but come up, bearing fruit in our heart.”
Theophilus of Antioch (fl. 185-191) on Baptismal Regeneration
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"The things proceeding from the waters were blessed by God, that this also might be a sign of men's being destined to receive repentance and remission of sins, through the water and laver of regeneration — as many as come to the truth, and are born again, and receive blessing from God." (To Autolycus, Book II, 16)
St. Clement of Alexandria (c. 150-c. 215) thought that baptism is a work of “grace” that brings about “illumination, and perfection, and washing”, by it “we cleanse away our sins,” “transgressions are remitted,” “remission of sins” occurs, we are “purified,” and we behold the “holy light of salvation.” Baptism “wiped off the sins” and makes us “full of light,” with “the Holy Spirit flowing down to us.”