Why does it say “free one year subscriptiond “ in the email, but “free for one week, then 4.99/month” on the accept button?

Redeem the offer on your new Apple device in the TV app, within the first three months. Find “Enjoy 1 Year Free” there.

Read here how to redeem: Apple TV+ - One Year Offer - Apple

Read here about the conditions: Apple TV+ one year offer - Terms and conditions - Apple

Read here if you have trouble redeeming: If you can't redeem your promotional trial of Apple TV+ - Apple Support

If you qualify, and if you did as described in the guide, and you still do not get to see the year offer, then contact Apple Support. They can assist in getting you the service, if needed using activation codes.

I’m having the same issue even after following the instructions. I see nothing about one year free.