No. We do not believe that water baptism itself is the cause of grace or of salvation. God himself is the initiating source of all salvation. He has made this available through the life, death, burial, and resurrection of Jesus Christ. It is through repentance, faith, and water baptism that we are placed in Christ and made actual partakers of His life. 

Through baptism we identify with the death, burial, and resurrection of Christ.

Much confusion about how baptism relates to spiritual change is the result of failing to understand that God is not in time. God is eternally present. When we identify with Him now, we receive the benefits of the salvation worked out in history on Calvary. By obedient faith, we are made partakers of His death, burial, and resurrection. Water baptism is the point of time in our history where we make contact with the completed work of Christ accomplished 2,000 years ago. 

We then, as workers together with him, beseech you also that ye receive not the grace of God in vain. (For he saith, I have heard thee in a time accepted, and in the day of salvation have I succoured thee: behold, now is the accepted time; behold, now is the day of salvation.) (2 Corinthians6:1,2).For as many of you as have been baptized into Christ have put on Christ (Galatians 3:27). 

 Baptism is of no profit if we are not prepared by repentance and faith.

As soon as the Church fathers forgot the clear relationship between repentance and faith to baptism, they began to think of baptism in magical terms. They thought that the water itself could make a Christian out of people. For this reason, many unscriptural ideas were introduced, such as infant baptism and an overemphasis on the seriousness of sin after baptism. Baptism cannot be lifted out of the salvation package either to be made the whole thing or to be eliminated as many modern leaders do. Baptism works hand in hand with repentance and faith on the one hand, and leads to the Baptism in the Holy Spirit on the other hand. The teaching of God’s Word usually produces the repentance and faith needed to participate in baptism meaningfully. 

And with many other words did he [Peter] testify and exhort, saying. Save yourselves from this untoward generation. Then they that gladly received his word were baptized: and the same day there were added unto them about three thousand souls (Acts 2:40, 41).