Is there an effect for this?

[Tero Ahlfors]

You could also use the vertical bars with the displacement map effect and only do vertical displacement. Or horizontal depending on the way you want to split it.

[Jim Scott]

There is a script, Slice it Up for After Effects, that should do what you want if you don’t want to do it manually:

https://aescripts.com/slice-it-up/

[Yonner Draas]

Actually there is a plugin that does just this: Wave Warp. Set the Wave Type to Square, increase the Wave Width so the bars are wider, and then keyframe the Wave Height to get the moving bars like in the example video!

[Richard Garabedain]

Kudos Sander Boo