Are old testament believers saved by grace?

What is the difference in the standing of Church believers and Old Testament believers?

Old and New Testament believers are alike in one distinct way: they are saved on the principle of faith. Two major differences relate to our standing: (1) "in Christ" is exclusive to this Church dispensation and describes our standing which is unassailable and unchangeable; (2) "in whom also upon (not after) believing ye were sealed (mark of ownership) with that Holy Spirit of Promise" (Ephesians 1:13) shows our relationship to the Spirit. Romans 8:1-11 refers to the believer as "in the Spirit," in contrast to the unbeliever "in the flesh". This is not Old Testament language, but emphasizes a standing unalterable before God.

A. Hull