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The 22-year-old has yet to make a first-team appearance for the Ewood Park club, but has featured on loan at Wycombe Wanderers, Northampton Town and Rochdale.
Rams boss Nigel Clough told his club's official website: "It is a real coup for us to bring Frank in, as he is currently the first-choice England under-21 goalkeeper and been sought after by quite a few clubs.
"He is a goalkeeper we've had our eye on for some time and we tried to bring him in last season, but the deal didn't materialise.
"He has developed further since then and we're pleased we've been able to bring him in because we required some cover in goal after Stephen Bywater picked up his injury"...