Jamieson, Fausset and Brown on Ephesians 2:5

5. dead in sins--The best reading is in the Greek, "dead in our (literally, 'the') trespasses."

quickened--"vivified" spiritually, and consequences hereafter, corporally. There must be a spiritual resurrection of the soul before there can be a comfortable resurrection of the body [Pearson] (Joh 11:25, 26; Ro 8:11).

together with Christ--The Head being seated at God's right hand, the body also sits there with Him [Chrysostom]. We are already seated there IN Him ("in Christ Jesus," Ep 2:6), and hereafter shall be seated by Him; IN Him already as in our Head, which is the ground of our hope; by Him hereafter, as by the conferring cause, when hope shall be swallowed up in fruition [Pearson]. What God wrought in Christ, He wrought (by the very fact) in all united to Christ, and one with Him.

by grace ye are saved--Greek, "Ye are in a saved state." Not merely "ye are being saved," but ye "are passed from death unto life" (Joh 5:24). Salvation is to the Christian not a thing to be waited for hereafter, but already realized (1Jo 3:14). The parenthetic introduction of this clause here (compare Ep 2:8) is a burst of Paul's feeling, and in order to make the Ephesians feel that grace from first to last is the sole source of salvation; hence, too, he says "ye," not "we."