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I would be inclined to accept then begin a slow job search with the idea of getting in six months with the more advanced position.
https://www.cnbc.com/2019/01/25/what-to-do-youre-offered-a-promotion-without-a-raise.html
https://www.cnbc.com/2019/01/25/what-to-do-youre-offered-a-promotion-without-a-raise.html
3 things to do if you’re offered a promotion without a raise