TextBorder, from Plugin Everything, creates a customisable border that fits around text in After Effects and updates automatically when the text changes. You apply it directly to the text layer, so there is no need for parenting, mattes or expressions.
Border sizing runs on a global expansion control plus individual expansion for width, height, top, left, bottom and right. Edges can be rounded, with control over which edges are round. Fills can be solid or gradient, and dash options are available. A set of transform controls lets you animate the border independently from the text.
It is compatible with motion blur, After Effects' built-in text animation tools, and both paragraph and vertical text. Compatibility runs from CS6 through the 2024 release. Version 1.1.2 added native support for Apple Silicon hardware, and earlier updates brought multi-frame rendering support for AE 2022, 32bpc, a polygon mode, and gradient opacity with a radial mode.