NORWEST CORP
424B2, 1995-01-20
NATIONAL COMMERCIAL BANKS
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<PAGE>
 
Pricing Supplement No. 5                       Rule 424(b)(2)

Dated: January 18, 1995                        Registration No. 33-55429


(To Prospectus Dated November 8, 1994, as Supplemented by Prospectus Supplement
Dated November 15, 1994)

                              NORWEST CORPORATION

                         Medium-Term Notes, Series E 

                               Fixed Rate Notes

         Interest payable each June 30 and December 31 and at Maturity

<TABLE> 
<CAPTION> 

 Aggregate
 Principal        Proceeds      Date of    Maturity    Interest      
  Amount         to Company      Issue       Date        Rate         Agent
- ------------    ------------    -------    --------    --------   --------------
<S>             <C>             <C>        <C>         <C>        <C> 
$200,000,000    $199,490,000    1/25/95    12/31/96     7.750%    Morgan Stanley
- ------------    ------------    -------    --------    --------   --------------

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</TABLE> 
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Other Terms:  Cusip #66938FHT4


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