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We report on experiments performed on a system consisting of a double SQUID (superconducting quantum interference device) built with gradiometer geometry. Two single-turn coils provide two independent control fluxes: one of these allows biasing the device and tilting the potential, while the other changes the barrier height of the potential. When the dynamics of the inner dc SQUID can be neglected, the free energy of the double SQUID, as a function of the internal magnetic flux, is just the corrugated parabola of an rf SQUID whose local minima represent metastable states for the system. Our analysis instead is substantially concerned with the interesting phenomenology generated by the static configurations of an internal two-junction interferometer and by the tunability of the internal loop inductance. Two readout systems are employed to thoroughly characterize the dynamics of our system. We investigate the dynamical response at temperatures low enough (tens of mK) to minimize the effects of thermal fluctuations concentrating the analysis on the aspects that could be relevant for macroscopic quantum coherence and computing. The results indicate that from the finite inductance of the inner loop originates a potential well generating competing processes with the tunneling between the two main wells of the rf-SQUID potential.